Rapper Jay-Z may run this town, but he won't be staying at the J Hotel. The famed M.C., nee Shawn Carter, filed a $3.7 million lawsuit against investment firm Highland Capital Management and a small financial institution, NexBank, over dragging out renegotiations on a defaulted loan that would have financed Jigga's (tanked) West 21st building project – J Hotel.
A sign that "big pimpin'" is on the outs?
According to the New York Post, the music mogul alleges that Highland purposely stalled his efforts to dodge foreclosure, abandon ship, and turn over the deed for the West Chelsea property to the company's investment chiefs. In doing so, Jay-Z claims that the firm leeched him of daily interest and fees that amounted to tens of thousands of dollars a day for a $52 million loan.