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I've been knowing 50 is screwed all to hell. But now it's 5x worse than I thought.
Judge Mathis -- 50 Cent Might Be Doin' the Bankruptcy Shuffle (VIDEO)
Judge Mathis basically just said he's either really broke or going to have some "Problems" if he's trying to shuffle money (bankruptcy fraud).
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Can I File Personal Bankruptcy Without It Affecting My Corporation or LLC?
People sometimes reason that because a Corporation or LLC insulates the owner from personal liability, there is no problem with continuing to operate the entity as before while filing personal bankruptcy. They are failing to realize that although an owner who is a bankruptcy debtor is not responsible for the debts of the Corporation or LLC, he/she is the sole (or at least partial) owner of all the stock or membership interest! Since they own it, when they file personal bankruptcy, that stock (or membership interest) becomes an asset of the debtor’s bankruptcy estate.Therefore, the debtor must list their ownership interest in their company in their bankruptcy. If that stock or membership interest has any value (i.e., if the entity has any assets), the bankruptcy Trustee has the power to liquidate the assets of the corporation or LLC for the benefit of the debtor’s personal creditors.
However, there are two possible ways out of this mess, if the debtor wishes to keep operating his/her Corporation or LLC.
First, if the net value of the liabilities of your entity equals or exceeds the net value of the assets of the company, your bankruptcy attorney can present to the Trustee a balance sheet proving that, and state that your interest in your company has no net value because the liabilities exceed the assets.
Second, if the net value of the assets of your entity exceeds the net value of the liabilities of the company, you may simply pay the Trustee the fair value of the stock or membership units, generally the liquidation value of the corporate assets (assets less liabilities). Often this liquidation value is not that much, especially if the business assets are subject to bank liens or there is no inventory. So, as the value of the entity is often much greater as an ongoing operation, a bankrupting debtor-owner will sometimes “buy back" the entity’s business assets from the trustee in order to keep the entity solvent.
For either of these solutions to work, you must provide your attorney with accurate valuations. Even your accountant may not have all this information. The bankruptcy trustee will ask you how you valued your company, and you need to have clear, concise explanations as to how you determined the value of each item to avoid harming your case.
SHOULD MY CORPORATION OR LLC FILE BANKRUPTCY IF I FILE PERSONAL BANKRUPTCY? - Avvo.com
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When 50 filed bankrupt and said he had $15mil in personal assets, I was under the impression that meant houses, cars, bank accounts etc.... And didn't count his businesses.
This here just said your business assets is a part of your personal assets if you are filing bankruptcy.
So this nikka is worth $15 mil, including the assets of his businesses?
So now one of 3 things is going to happen:
1) The judge will grant his bankruptcy and Ross Baby Mom will be the eventual owner of SMS audio
2) The Judge will deny his bankruptcy and he will just outright have to sell all his houses, cars and business assets ASAP to pay his debts.
3) While the Judge is determining if they will grant the bankruptcy, they do a deep forensic analyst of his financials, finds he's hiding money / "shuffling", as Judge Mathis would put it, and he ends up in jail for 10 years.
At this point, it's not if, but when, one of the above things will happen...
I hope one of you Stanley's got a futon or something this nikka can sleep on.
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Edit: Option #2 seems more and more likely:
50 Cent's Bankruptcy Judge Says's 50 is Playing Games (this is the lady that will be deciding IF she will grant 50 Cent Bankruptcy or not):
"The debtor here, Curtis James Jackson III, has been quite persistent in his efforts to bring the matters that are pending before the state court to a federal court, whether it be this court or another court," Nevins said. "Those efforts have included just within the past several weeks two attempts to remove the state court case to the United States District Court and a bankruptcy filing by SMS Promotions LLC, a business of Mr. Jackson's that's now in bankruptcy in this case. Now Mr. Jackson's own voluntary bankruptcy petition filed in this court on the very day that the punitive damage phase was to commence in the state court litigation is interesting in terms of its timing."
And the importance of the timing of Jackson's personal bankruptcy filing "cannot be overstated in light of the removal actions and [District Court] decisions," the judge found.
Federal Judge Says 50 Cent Sex-Tape Case Can Proceed Despite Bankruptcy
================
This nikka think the judge yayo and banks... He bout to get hit with a CRUEL dose of reality.
Judge Mathis -- 50 Cent Might Be Doin' the Bankruptcy Shuffle (VIDEO)
Judge Mathis basically just said he's either really broke or going to have some "Problems" if he's trying to shuffle money (bankruptcy fraud).
=====
Can I File Personal Bankruptcy Without It Affecting My Corporation or LLC?
People sometimes reason that because a Corporation or LLC insulates the owner from personal liability, there is no problem with continuing to operate the entity as before while filing personal bankruptcy. They are failing to realize that although an owner who is a bankruptcy debtor is not responsible for the debts of the Corporation or LLC, he/she is the sole (or at least partial) owner of all the stock or membership interest! Since they own it, when they file personal bankruptcy, that stock (or membership interest) becomes an asset of the debtor’s bankruptcy estate.Therefore, the debtor must list their ownership interest in their company in their bankruptcy. If that stock or membership interest has any value (i.e., if the entity has any assets), the bankruptcy Trustee has the power to liquidate the assets of the corporation or LLC for the benefit of the debtor’s personal creditors.
However, there are two possible ways out of this mess, if the debtor wishes to keep operating his/her Corporation or LLC.
First, if the net value of the liabilities of your entity equals or exceeds the net value of the assets of the company, your bankruptcy attorney can present to the Trustee a balance sheet proving that, and state that your interest in your company has no net value because the liabilities exceed the assets.
Second, if the net value of the assets of your entity exceeds the net value of the liabilities of the company, you may simply pay the Trustee the fair value of the stock or membership units, generally the liquidation value of the corporate assets (assets less liabilities). Often this liquidation value is not that much, especially if the business assets are subject to bank liens or there is no inventory. So, as the value of the entity is often much greater as an ongoing operation, a bankrupting debtor-owner will sometimes “buy back" the entity’s business assets from the trustee in order to keep the entity solvent.
For either of these solutions to work, you must provide your attorney with accurate valuations. Even your accountant may not have all this information. The bankruptcy trustee will ask you how you valued your company, and you need to have clear, concise explanations as to how you determined the value of each item to avoid harming your case.
SHOULD MY CORPORATION OR LLC FILE BANKRUPTCY IF I FILE PERSONAL BANKRUPTCY? - Avvo.com
=====
When 50 filed bankrupt and said he had $15mil in personal assets, I was under the impression that meant houses, cars, bank accounts etc.... And didn't count his businesses.
This here just said your business assets is a part of your personal assets if you are filing bankruptcy.
So this nikka is worth $15 mil, including the assets of his businesses?
So now one of 3 things is going to happen:
1) The judge will grant his bankruptcy and Ross Baby Mom will be the eventual owner of SMS audio
2) The Judge will deny his bankruptcy and he will just outright have to sell all his houses, cars and business assets ASAP to pay his debts.
3) While the Judge is determining if they will grant the bankruptcy, they do a deep forensic analyst of his financials, finds he's hiding money / "shuffling", as Judge Mathis would put it, and he ends up in jail for 10 years.
At this point, it's not if, but when, one of the above things will happen...
I hope one of you Stanley's got a futon or something this nikka can sleep on.
====
Edit: Option #2 seems more and more likely:
50 Cent's Bankruptcy Judge Says's 50 is Playing Games (this is the lady that will be deciding IF she will grant 50 Cent Bankruptcy or not):
"The debtor here, Curtis James Jackson III, has been quite persistent in his efforts to bring the matters that are pending before the state court to a federal court, whether it be this court or another court," Nevins said. "Those efforts have included just within the past several weeks two attempts to remove the state court case to the United States District Court and a bankruptcy filing by SMS Promotions LLC, a business of Mr. Jackson's that's now in bankruptcy in this case. Now Mr. Jackson's own voluntary bankruptcy petition filed in this court on the very day that the punitive damage phase was to commence in the state court litigation is interesting in terms of its timing."
And the importance of the timing of Jackson's personal bankruptcy filing "cannot be overstated in light of the removal actions and [District Court] decisions," the judge found.
Federal Judge Says 50 Cent Sex-Tape Case Can Proceed Despite Bankruptcy
================
This nikka think the judge yayo and banks... He bout to get hit with a CRUEL dose of reality.
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50 I suspect has way more than just 15 milly...
