In a new lawsuit recently filed, James "Jas" Prince, the man who is credited at discovering Drake and introducing him to Lil Wayne, claims that he is owed money. Prince has also stated that the managers surrounding Drake are attempting to "loot" Drake's finances which, according to Prince, has "put the entire Drake business in jeopardy."
Prince claims that in 2007/2008, he came to an oral agreement with Lil Wayne manager Cortez Bryant to "develop and exploit Drake's entertainment services together and split profits therefrom accordingly." However, after Drake signed an exclusive recording contract with Bryant's company Aspire, which then turned and signed an agreement with Young Money Entertainment and Cash Money Records, Prince realized he was being cut out of the management deal.
In response, Prince negotiated a "Settlement Agreement & General Release Agreement" in July 2009 with Aspire which, according to Prince, would cut him a share of the profits made by Aspire off Drake's success.
Prince is now stating in his lawsuit that Aspire has failed to account for his share and have "stymied" his ability to receive his share of the profits. He also has stated that Young Money Entertainment have failed to adequately pay Drake. The lawsuit also states that Drake has put the defendants on formal written notice they are in breach of his recording agreement and is making a demand to renegotiate his contract.
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