TVT Filing Chapter 11; Staff Fired

New York based independent record label TVT Records terminated the majority of their employees today, sources revealed to WOTSMAG.com.

TVT, which is home to major recording stars like Lil Jon & The Eastside Boyz, Pitbull, Ying Yang Twins, The Polyphonic Spree and others, is expected to file for Chapter 11 bankruptcy protection this week.

TVT Records was founded by its current President, Steve Gottlieb, who launched the
Pitbull accused TVT Records of not properly promoting the album and placed most of the blame on Gottlieb.

"I'm out here working like a slave, doing things that other artists don't even know how to do," Pitbull said. "A label's there to further and promote your career, but it feels like they just keep holding me back."

TVT Records was also embroiled in a legal battle over early recordings by Cash Money Click, which featured Ja Rule.

While an initial ruling awarded TVT Records $132 million dollars in damages, the figure was soon voided to zero on appeal.

The status of TVT Records' other businesses, including TVT Music Publishing, is not known as of press time.