50 Cent Files Bankruptcy and Issues Statement
Source: Johnny Nunez / Getty
Today’s news about the Queens New York rapper and mogul sent shock waves on social media and somewhere rapper Rick Ross is smiling.
According to the Wall Street Journal:
In court papers filed in the U.S. Bankruptcy Court in Hartford, Conn., Mr. Jackson reported assets and debts each in the range of $10 million to $50 million.
The attorney listed on the bankruptcy petition couldn’t immediately be reached for comment Monday.
The filing comes days after a jury directed Mr. Jackson to pay $5 million to a woman who sued over a sex tape.
No doubt this is a chess move on Fif’s part to avoid paying $5 Million that he has been ordered to pay for Rick Ross’ baby mama for leaking her sex tape when beefing with the Miami rapper. Considering that 50 has become known for bragging about his business acumen and financial success, the slander on Twitter is about to be epic.
The rapper and actor’s legal counsel issued a statement on the matter. It reads:
Attorneys for Curtis Jackson, a/k/a 50 Cent, today announced that their client has filed for relief under chapter 11 of the Bankruptcy Code. The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests.
Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case.
“This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs,” says William A. Brewer III, partner at Brewer, Attorneys & Counselors and counsel to Mr. Jackson.
The woman, Lavonia Leviston, is mother to Rick Ross’ child; the sex tape was released at the height of the rappers’ beef. In addition to his fortunes accrued from careers in music and in Hollywood, 50 has had his hand in a number of successful business ventures. From his early investment in Vitamin Water to more recent partnerships with SMS Audio and Effen Vodka, 50 should be able to scrape together some cash in the near future.
50 doesn’t seem too distraught over the money troubles, according to his Instagram page. He posted several photos last night from a big party with pals including Chris Brown.
https://instagram.com/p/5D4IwIMLwK/?taken-by=50cent
https://instagram.com/p/5FMBVjsL2H/?taken-by=50cent
We will keep an eye on this developing story.