Pitbull, the latin rap singer, is annoyed with
TVT Records, the label selling his hip hop music, in particular with Steve
Gottlieb, owner of the company.
TVT Records has filed for
Chapter 11 bankruptcy, the outcome of which will be known on June 12, 2008. The company resorted to this step after losing a battle of $9.1 million with a rival label. The majority ownership may soon pass to D. B. Zwirn & Co., a hedge fund, who provided the bulk of secured loans to the company. In the past, TVT Records has given break to many artists and has to its credit over 20 gold and several platinum albums. Pitbull’s music, on the other hand, is losing its grip on market since 2004. The artist is trying to steer the company from Chapter 11 to Chapter 7 liquidation.