Lawsuit: Ja Rule And Billy McFarland Stopped Paying $3 Million Loan After Fyre Festival Flopped
The 13-day-and-counting nightmare continues for Ja Rule and Fyre Festival co-founder and professional shyster Billy McFarland.
New York-based money lending company EHL Funding LLC extended the $3 million credit to the rapper on April 10, 18 days before the festival, to help cover costs. According to Page Six, Ja Rule signed a personal guarantee, securing the loan and other fees in case of a default.
Welp, according to documents obtained by TMZ, Ja Rule and Fyre Festival co-founder Billy McFarland were supposed to make weekly payments for the next year to pay back the loan. EHL says it received a few payments on time, totaling just under $900k, but haven’t received a cent since April 21.
Full repayment is due by May 31, according to court papers, and since the creditors haven’t seen jack shit for nearly three weeks, the have reportedly called the whole note, with interest and penalties.
Among the several lawsuits filed against Ja and McFarland was a monstrous $100 million federal lawsuit earlier this month that accused the organizers of setting up a “get-rich-quick scheme” masquerading as a self-proclaimed “cultural experience of the decade.” Ja Rule reassured everyone on Twitter following the debacle that “It was NOT A SCAM.”
We saw the pictures bruh. Don’t piss on our heads and tell us its raining.
No matter the outcome, I’ll always be a Ja Rule fan. A part of me respects him more now that he fleeced a bunch of snobs willing to pay $1,200 for an unproven festival. Good on you bro. I’ll make sure to give you a dollar when I see you shaking a cup outside the subway. That was mean and I didn’t mean it.
[h/t Page Six]