U.S. wants to seize Shkreli's $2M Wu-Tang Clan album
Hello friends and family!
Brr! We got -8 degrees this morning which are a perfect reason to stay in my cosy apartment and don't go outside. But the sun was out, I was short on tobacco and unquestionably required some vitamin D, so we had a walk in the park, enjoying the warmth of the sun and some pretty fresh polar air. We did a pretty good job considering the temperatures but headed back home after an hour or so.
While my boyfriend passed out (exhausted!) on the couch, I browsed the web. It's Wu Wednesday today, so I better come up with some news. Yup, I found something quite interesting!
It was getting quiet around Martin Shkreli and the legendary $2M Wu-Tang album. "Once Upon a Time in Shaolin". I bet we all remember the headlines this whole thing made. Shkreli who is currently incarcerated in a Brooklyn Jail and doing "remarkably well" is awaiting sentencing for a securities fraud conviction. According to the Chigaco Tribune the U.S. want's to seize the album together with some noble goods:
U.S. District Judge Kiyo Matsumoto didn't immediately rule on the government's demand that Shkreli should have to forfeit $7.3 million in assets, including a one-of-a-kind Wu-Tang Clan "Once Upon a Time in Shaolin" album that he has boasted he bought for $2 million. Prosecutors also want him to give up $5 million in cash in a brokerage account, his interest in a pharmaceutical company and other valuables including a Picasso painting.
The defense has argued that Shkreli owes nothing, because the hedge fund investors actually ended up making a profit off drug company stock he gave them. It also says that unlike most securities fraud cases, Shkreli himself never made anything off the scheme.
"This case was never about money as far as Mr. Shkreli is concerned," the defense said in court papers. The papers added: "Simply put, Mr. Shkreli was not indicted because he stole anyone's money."
Source: http://www.chicagotribune.com/business/ct-biz-martin-shkreli-assets-wu-tang-clan-20180223-story.html
I just don't know; I guess I feel kinda sorry for him. He always seemed like a lonely guy with too much time and money on his hands. Apparently, he is pretty smart. The whole Wu-Tang album story was like a game to him. He even leaked the intro in celebration of the Trump victory.
Hiking up the price of this particular pill was terrible, but things like that happen more regularly than we think. Companys like Pfizer and Merck, all have come under fire for doing the same. It sucks!
Everybody who is affected by this has my full sympathy; I agree, two wrongs don't make a right.
So you might ask now: "Wait a minute, what will happen to the album? I guess we don't know yet. I honestly hope it does not magically disappear. I'll keep an eye on this, promised ;)
Redistribute the Wu to the masses!
I always had vague sense of sympathy for Pharma Bro, indeed, his infamous price-hike was never anything out of the ordinary and has been blown a bit out of proportion back then.
Well, maybe we'll eventually all get to enjoy the album after all, I am sure it will get leaked once the feds get their hand on it... then again, it's supposed to not be real Wu album anyways?!
I hear you! And he is still getting dragged through the media for this.
they should give it back to the Wu-Tang & release it... that was such a good promo
wu is for the children, wu is for the people...
wait a second... it was the wu that made this all exclusive in the first place ಠ_ಠ
Last I heard the album was worth $1m. Now it's $2m? Great investment if so.
Shkreli bought it for $2m, I read differeny storys that the ebay sale was never finalized due to his incarceration. Do you know who finally bought it?
Ah. I will be honest and say I'm not exactly an expert on him, only hear about him in passing when others speak of him, but I thought I heard one time he was showing it off on livestream one time. But again, I don't know.
Shkreli did literally nothing wrong aside from maybe riding the media wave that followed his investments. The man played everything legally and is getting fucked by people swayed by media painting him to be out for the people.
Exactly! He never wanted to do anything for people... yet they paint him as the bad guy. just a scapegoat if you ask me.
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