50 Cent filed for bankruptcy (July 13th) and many people were confused as the rapper is worth about $150 million. Well to simply state it, 50 is not broke. He does have debtors that range from one to 49 and a debt that ranges from $10 million to $50 million.
Chapter 11 halts lawsuits and collection efforts from debtors. This is of importance because 50 was just ordered a few days ago to pay $5 million to Lastonia Leviston over her sex tape leak in 2009. Leviston was Rick Ross’ ex and 50 Cent used the tape as ammo in his beef with Ross during that year.
The following statement was released by 50’s lawyer:
Hartford, CT…July 13, 2015 – 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.
50 Cent did speak to E! News and gave a statement regarding the bankruptcy:
You know when you’re successful and stuff, you become a target. I don’t wanna be a bull’s-eye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that…Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward.
Basically, all those lawsuits will just have to wait in line to collect but we suspect that event though there may be sizable judgements out there against Mr. Jackson, a smart attorney will negotiate a settlement that will be a fraction of what is really owed. Smart move!
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