50 cent only worth 4.4 million

[Gimini00]

I didn't know there were so many 50 cent dikk riders here.

This thread is full of moistness.

hood nikkas think 50 cent is the Machiavelli prince or something, nikka is just a typical rich dude.

 

[King Poetic]

same nikka clowning master p now in the same boat or even worst

 

[wheywhey]

Fif filed Chapter 11 bankruptcy though, isn't that pertaining to corporations? I thought 13 was individual

Chapter 13 has a dollar limit. Your unsecured debts have to be less than $383,175.00. Your secured debts have to be less than $1,149,525.00

Since he owes more than $20 million, he had to file chapter 11.

 

[imirza]

My opinion is this:
After 50 lost the lawsuit, he decided he wasn't gonna pay no bytch no $5M over a stupid temporary hip-hop beef. Maybe if this was a legitimate suit concerning one of his Companies it'd be worth it to pay the plaintiff. But not no ex-baby mama of your foe.
Secondly, I'm reminded of the breakfast club interview 50 just did a few months back, where he clearly states that his Corporations are very cash rich and healthy, so in that case he doesn't need to have personal liquid cash (something to that extent.) Maybe someone can post that part of the Interview, to clarify.

 

[director_of_bands]

this "is 50 really broke" debate is fascinating

 

[DonKnock]

"A chapter 7 bankruptcy allows you to wipe your debt slate clean and get a fresh financial start. In this type of bankruptcy, you surrender control of your assets to a trustee, who may liquidate or sell them in order to pay your creditors. Often an irrevocable trust with a minor beneficiary is protected from your creditors, but depending on the timing of when the trust is created, as well as your reasons for creating it, it may be vulnerable.

Trusts and Bankruptcy
A trust shelters assets on behalf of a beneficiary. If you've set up an irrevocable trust for your child, the trust under the control of someone else, your selected trustee. You are no longer considered to have any ownership or control of the assets, and you can't change the terms or revoke the trust except under very limited circumstances. Therefore, an irrevocable trust that you've set up for a minor often remains protected from your bankruptcy proceeding -- you don't have any ownership of those assets, so there's nothing for your creditors to take from the trust. The assets don't belong to you.

UFTA Law
Under the Uniform Fraudulent Transfer Act, if you transfer property to an "insider," such as a minor relative, with the intent to defraud a creditor, that creditor has the right to sue and recover the property. This would effectively lay another court case over your bankruptcy, even if the bankruptcy trustee makes no claim on the assets of an irrevocable trust. In addition, the creditor would have the right to sue the insider who received the assets, or the trust that holds the property. If the creditor wins a judgment, the court can order seizure of assets out of the trust.


Actual and Constructive Fraud
If the bankruptcy court decides you have moved assets into an irrevocable trust with the intent of sheltering them from your creditors, you could be charged with fraudulent conveyance. Whether it's considered "actual" fraud, meaning that you really intended to hide the assets from your creditors, or whether it's "constructive" fraud, meaning that you unintentionally did so, the effect was the same: you cheated your creditors. For example, maybe you had no idea that it was against the law to try to shelter your own assets from bankruptcy by creating a trust for your child. Even if you intended to do nothing wrong, it might be considered constructive fraud.


Lookback Periods
According to Goldstein & Clegg, LLC, the bankruptcy court can look back four years before you filed the bankruptcy petition, to see if any trusts were created or assets were given away. For example, if you set up your irrevocable trust for your child five years before you filed for bankruptcy, the trust should be safe from your creditors. If you created it three years before, it may be vulnerable. The trust could be declared void and your creditors then would be paid with the assets.

What Happens to Property That's in an Irrevocable Trust to a Minor if I File Chapter 7?

============


See I possess something most of you gunit nut lickers don't: Intelligence and common sense


I understand that nikkas been making laws 300 years before Curtis got clapped up.



I understand that, when it comes to $$$$$$$$$$$$$$$ in America, EVERY LOOP HOLE has been tied up.... Before I even think about it



So unless you believe Curly put some shyt in people name over 4 years ago PLANNING for this bankruptcy, any "irrovocable trusts" are void.


Oh wait: SMS audio Lawsuit was just last year... So, he had no idea he'd be slapped with that $18 mil penalty 4 YEARS AGO (since, it just happened last year, get it?)...


I honestly admire your vigilant effort.... But sorry to say, checkmate.

Spoiler

CURRRRRRRRRRRRRRRRRRRRTTTTTTTTTTTIIIIIIIIIIIIIIISSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS

I'm sure he put that money straight into the trust so since he was popping off in the mid 2000s, yes it would be safe to say it was over 4 years ago

 

[Ronnie Lott]

Truth, TV producers are slaves of big networks, unless you produce a show like GOT or Grey's anatomy, you won't make big bucks with cable network. Movies producers are the big winners, ask Ice Cube.

I'm gonna take a wild guess that Mona Scott and Ryan seacrest are raking in cake for all he tv shows they produce

 

[StretfordRed]

This is stupid

Not only were all the tickets differently priced, does this person know the first thing about finances? Expenses, splitting with the other members, etc. smh

 

[wheywhey]

cant he just hide it in a swiss bank account like all the other corporate tax evaders and corrupt politicians

No. Swiss banks will no longer keep a US citizens account secret anymore. The US Dept. of Justice changed Swiss banking laws.

Tina Turner gave up her US citizenship because she had money hidden in Swiss bank accounts.

The Ty Beanie Baby billionaire was convicted of hiding $24 million in a Swiss account. He had to pay $27 million in back taxes and a $53 million penalty. Other millionaire have gone to jail.

 

[KravenMorehead™]

Get em Fif

 

[Dixon Cider]

No he don't, but his lawyers know, but keep in mind that lawyers are not god, even big companies lose billions of dollars each year against average citizens or smaller companies in lawsuits, and their lawyers are the best you can find in this country.

Please shut up

 

[Gimini00]

I'm gonna take a wild guess that Mona Scott and Ryan seacrest are raking in cake for all he tv shows they produce

I think they're doing pretty good, Mona has her own production company and Ryan Seacrest is everywhere, but the owners of these cable networks (Jews) make the most.

 

[Kitsch]

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.

 

[Gimini00]

Please shut up

 

[Dixon Cider]

Nah you just talking about dumb shyt you don't know
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