Mahan says he did not steal the master recordings he's been accused of stealing. He says Def Jam asked him to take care of the masters in 2002 and that Jay Z "was a stupid kid smoking blunts" and that he was not responsible at the time.
Mahan says he has also informed Jay Z's employees of the masters' whereabouts over the last 10 years. He says he asked for money last week because he could no longer afford to pay for the storage fee where the masters were being housed.
Mahan reportedly asked for $100,000 for the masters, which include works from Vol. 3... The Life And Times Of S. Carter and The Dynasty Roc La Familia (2000- ).
Mahan also reportedly says some of the masters don't sound good, according to TMZ's report. The masters are in law enforcement custody until a judge can determine proper ownership.
Jay Z was the target of an alleged multi-million dollar extortion plot that was thwarted by the LAPD Friday (April 18), according to the original TMZ report. The report said the value of the recordings is estimated to be between $15 million and $20 million. Mahan allegedly planned to put the tapes up for auction or return them to Live Nation for a $100,000 “storage fee,” TMZ said in its first report. When Mahan went to meet with Jay Z’s reps Friday, he was instead met by the LAPD. Mahan was detained and brought in for questioning. Mahan was released and Jay Z’s representatives filed a grand larceny complaint with the NYPD Friday. The Beverly Hills police department is also investigating the extortion allegations.
Just Blaze, who has also worked extensively with Jay Z, posted a series of Twitter updates about Mahan following the report. "Chauncey stayed effing up. Big part of the reason Hip and I brought in Guru," he said in one Twitter post. For more from Just Blaze on the situation, click here.