According to the New York Post, Universal division Island Def Jam is trying to negotiate its way out of its joint venture business with hip hop mogul Irv Gotti.
As previously reported, Gotti and his brother Christopher Lorenzo have both been indicted on charges that they used their record company, The Inc, to launder over $1 million in drug money from infamous drug lord Kenneth "Supreme" McGriff. Although both brothers deny those charges and plan to fight the allegations in court, Universal bosses are said to be nervous about continuing to work with Gotti in light of the allegations and hope to terminate their joint venture arrangement.
The Post reckons Gotti has already spoken to both EMI and Warner about striking up a similar business relationship, but adds that while both labels would love to add Ashanti and Ja Rule to their roster, they too are apprehensive about going into business with the hip hop entrepreneur, especially while there's a chance he could end up in jail should he lose his pending court case.