So reports The New York Post, which says one Shawn Corey Carter filed a $3.7 million suit in New York on Wednesday concerning a hotel he was trying to get off the ground in Chelsea. The two defendants are Highland Capital Management and NexBank, both HQ'd here and both of whom Carter says are trying to "bleed" him dry over the loan that was supposed to fund the project.

If you like this story, consider signing up for our email newsletters.

SHOW ME HOW

X

Newsletters

_{All-access pass to the top stories, events and offers around town.}

• No Thanks
• Sign Up

X

SUCCESS!

You have successfully signed up for your selected newsletter(s) - please keep an eye on your mailbox, we're movin' in!

In short: Jay-Z borrowed the money in '07 from another lender that sold the note to Highland Capital -- and then the economy went boom, taking with it the bucks and the blueprint for the J Hotel. (See what I did there? No? Dang it.) In filings, Jay-Z claims the money men "intentionally dragged out talks to renegotiate his $52 million note so they could reap $20,000 a day in interest and fees." To which Highland Capital says, Nuh-unh.