(EXCLUSIVE) Update: 112 Member Slim Files for Bankruptcy w/ $540K in Debt, Made Only 3k in Music Royalties
Unfortunate financial news for Slim (real name Marvin Scandrick) of the R&B group, 112. Reportedly, the singer is drowning in debt, owing over $540k to various creditors and he explains his royalty checks have dried up. And despite having a legendary catalog, he only pulled in $3k last year — theJasmineBRAND.com exclusively reports.
Slim (real name Marvin Scandrick) explains in his filing that he only made $30k in 2014, $65k in 2013 and only $25k in 2012 and he only pulled in $3,500 in royalties for last year.
His assets include a Georgia home worth $220k, he has $0 in his Chase bank account, 2k in home electronics, only $200 in clothing and a $50 watch. He also owns a pistol worth $250 and a 2005 Lexus worth $8,500. He lists that his assets total only $231k.
Slim says that he does own the copyrights to his music but he cannot sell off the rights
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Not surprised. Signing deals with Diddy was like signing your soul to the Devil. He’s rich, but everyone who got him there is broke and/or suffering.
True, but this is a prime example of how we as Black folks need to learn how to build assets. As you can see clothes, shoes, fancy cars, and even homes are not assets. (A home can easily became a liability). We need to learn how to generate more wealth from our earnings. Looks like he’ll have to downsize, work some deals with his creditors, and figure out how to make money in the meantime. I wish him the best.