50 cent only worth 4.4 million

Bathing Ape

Bathing Ape

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If yall actually believe he's only worth that much you are either delusional or just hate 50 which is most people on the colu
 
LogicFirst

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TheDarceKnight said:
Yep. Breh my dad owed money to the IRS and they went into my bank account and took money since my dad helped me open the account when I was a little kid. The IRS gives no fukks. If you try to not pay them what you owe, they will come directly at you.

The one thing I'll say is that from what most people say, if you're willing to work with them, they'll guve you a chance, unless it's "willful tax evasion" which is what Snipes did, etc.
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Exactly. Nas tried to downplay his wealth for kelis and she reported a 5 million dollar Def Jam bonus that he didn't report to the IRS. That's how the IRS got their lien on all his assets and accounts. Curtis better be careful.
 
Birnin Zana

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wingzboy said:
Again, to all those claiming he has so much stashed away, what does he gain by destroying his own brand value just to avoid paying her? Suppose he comes out of this unscathed financially, do you see anyone wanting to work with his brand anymore? Aside from die hard fans this move killed the cow he was milking.
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Better yet, if he doesn't want to pay, or at least wants to delay paying, why not try appealling the decision? Instead of going for chap. 11.
 
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bnm8907

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Bathing Ape said:
If yall actually believe he's only worth that much you are either delusional or just hate 50 which is most people on the colu
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Breh that aint the point. He better be telling the truth. This isn't an episode episode of Power. We talking perjury here. He is also a high profile person that they will make an example of especially if they feel he trying to pull one over the courts.
 
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blackzeus

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Olu Dara said:
"As thousands of business owners are discovering during this downturn, sole proprietors are nearly always forced to file for personal bankruptcy if business debts overwhelm them. As far as a court is concerned, the person and the business are one and the same. Even owners of limited-liability corporations or corporate partnerships are often held hostage by loan agreements that use their personal assets as guarantees."

"Sole proprietors should understand that their personal and business assets are considered the same. If debts overwhelm the business, the only way out is probably a personal-bankruptcy filing."

The Double Whammy of Bankruptcies

:lupe:
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Business 101, sole proprietorship = DBA = assumed name. It is not the same entity as a limited liability company/Ccorp/Scorp etc. Several things:

1) If you have an LLC, the LLC would have to be liable only to a certain amount. If Booboo TV was an LLC, and the LLC was filed in new york, all they could do is get a charging order, if 50 gifted/transferred his wealth to other LLCs, then he is only liable for what he is holding in his name.

LLC Protection for Members' Personal Debt in New York | Nolo.com

New York LLC law does not provide limited liability companies ("LLCs") with nearly as much protection from members' personal creditors as do many states. In most states, the general rule is that an LLC’s money or property cannot be taken by creditors to pay off the personal debts or liabilities of the LLC’s owners. Instead, creditors are limited to obtaining a charging order against the LLC.

A charging order is an order issued by a court directing an LLC’s manager to pay to the debtor-owner’s personal creditor any distributions of income or profits that would otherwise be distributed to the debtor-member. But if there are no distributions, the creditor gets nothing. In most states, creditors with a charging order only obtain the owner-debtor’s “financial rights” and cannot participate in the management of the LLC. Thus, the creditor cannot order the LLC to make a distribution subject to its charging order. Very frequently, creditors who obtain charging orders end up with nothing.

Charging orders can be obtained in New York to collect on a judgment obtained by a personal creditor of a member. However, creditors of New York LLCs are not limited to this method of collecting. New York LLC law does not provide that a charging order is the exclusive remedy of members’ personal creditors. Thus, in addition to obtaining a charging order, creditors may be able to foreclose on the debtor-member’s interest. If this occurs, the creditor becomes the permanent owner of all the debtor-member’s financial rights, including the right to receive money from the LLC. Moreover, the credit could attempt to get a court to order the LLC dissolved and its assets sold to pay the creditor’s judgment.
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50 is probably kicking himself for being personally liable to whatever company Booboo TV was under, which is probably why the lawyers took the case in the first place. The only way they can prove fraud is IF he transferred monies AFTER the case started. Which if Fif is who I think he is those monies were held in all kinds of LLCs/gifted to family long time ago. The main thing is that is it really worth all this press to take it to this level, but the mere fact that he is showing net worth of 4.4 milly shows he is trolling, because if he said he's only worth $100k the prosecutor would push for liquidation of his assets. But at 4.4 milly, he is showing he can make good on the judgement, but he will need a long, long, long time to pay it off :scheme: I smell a lumpsum payment happening, I wouldn't be surprise if Fif ends up paying only 500K or something like that. The prosecution probably thought he wouldn't go through the trouble of filing a bankruptcy, it's ridiculous for a person of his stature and fame. I guess they thought wrong :francis:
 
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Gimini00

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Net worth is a measure of what a individual or a organisation is worth in terms of net asset during a period of time, an asset can increase and depleted in a short period of time (I'm talking about non monetary Assets). Net worth don't mean how much money someone got in his bank account, i think that's where people are confused. Zuckerberg is worth 34 billion, doesn't mean he has this kind of money in his bank account. His net worth can decrease in one day if Facebook start to lose money or the business model decreased, you can lose all of your net worth in one day because of things like Markets crash, business operating loss, or debts. That's exactly what happened to 50 cent, his net worth decreased because he got too much debt and probably bad investment (his headphone business, and sms promotions are not doing good). 50 was never a smart man, maybe he was a wise street guy, but in the white corporate world you have to be careful. Doing a sex tape with a hoodrat while you're a successful celebrity is beyond stupid and showed his limited intellectual capacity. The man is his own worst ennemy, you can't find a man more destructive than 50 cent. The man came lucky in the rap game, but ended very vindictive and stupid with his beefs and stupid buisness decision. So no surprise here. He never had the intelligence of Jay-z.
 
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