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Lil Wanye is getting pummeled by court judgments ... the latest by a pyrotechnics company that wants a pound of the rapper's flesh.

It seems Wayne got a bunch of fireworks from Pyrotek Special Effects for his 2013 tour, including 200 tracer comets, 92 silver gerbs, 2 white flashes with a bang, 36 propane tanks and 30 lbs of exploding powder.

Wayne didn't pay and the company sued, but they struck a settlement. Thing is ... Wayne never paid up, so the company just went back to court and got a $96k judgment.

Wayne just had $2 million worth of art seized by cops to satisfy another judgment for jet rentals.

The good news ... he still has $28 million worth of art to seize.

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