According to TMZ, an alleged extortion plot against Jay-Z that could have lost him millions upon millions of dollars was stopped by the LAPD Friday (April 18).
The person behind it all was producer Producer Chauncey Mahan who worked with Jay Z from 1998 and 2002 and was in possession of Jay’s master recordings, which value between $15 million and $20 million . Apparently, Jay and associates assumed the recordings were lost but that was not the case.
It’s being reported that Mahan contacted LiveNation regarding the recordings. Also, he planned to put the tapes up for auction or return them to Live Nation for a $100,000 “storage fee”.
Mahan went to meet with Jay’s reps on Friday but instead was greeted by the LAPD. He was detained and questioned. He handed in the recordings to the police. The recordings will be held by a judge until ownership i determined.
Mahan was released but Jay Z’s representatives filed a grand larceny complaint with the NYPD Friday.