50 Cent To File For Personal Bankruptcy So He Doesn't Have To Pay Sex Tape Lawsuit?

[loyola llothta]

I'm asking because all you guys are great lawyers and I want to learn.

A lot Passive-aggressive behavior in this post

 

[Gusto]

I'm sure the girl's Lawyers, who have done $500k +++ work on a CONTINGENCY BASIS, knows all the ins and outs and loop holes.


You think they gonna work for YEARS, knowing it's a *POSSIBILITY* this nikka could get out of the payments?

Nah... The lawyers get paid outta what shorty get paid.... They gon make sure shorty get paid...


He might be trying to reduce the hit, he might be trying to stall, or he might really be broke.... Either way shorty gon get her cash

Not really. Getting stiffed by suddenly bankrupt defendants is all in the game for a plaintiff's lawyer. They can fight it, but I guarantee you they're sitting there like

 

[blackzeus]

http://www.bloomberg.com/news/artic...iles-for-bankruptcy-protection-in-connecticut

Bloomberg already on it

The rapper known as 50 Cent filed for bankruptcy protection in Connecticut as a lawsuit against him over a controversial online video plays out in a New York court.

Monday’s petition by Curtis James Jackson III listed assets and debt of less than $50 million each for the Grammy-winning musician, who’s “Get Rich or Die Tryin’” album in 2003 was made into an autobiographical film.

His boxing promotion company, SMS Promotions, has also filed for bankruptcy, listing assets and debt of $100,000 to $500,000 in May.


The latest bankruptcy came after a Manhattan jury Friday ordered Jackson to pay $5 million to a woman who alleged he acquired a video she made with her boyfriend, the Associated Press reported. Jackson allegedly added himself to the video, and posted it online without her permission, the AP said.

In a related complaint, Jackson sued William Leonard Roberts II, also known as Rick Ross, the owner of Maybach Music Group. In that New York case, Jackson seeks to make Ross liable for any damages he may be forced to pay in the state case.

The Connecticut case is In re Curtis James Jackson III, 15-21233, U.S. Bankruptcy Court, District of Connecticut (Hartford).

Why file bankruptcy for only $5 million dollars when you're worth 100 million? I hate to say it, because I'm a big fan of Fif, but I think the lawsuit from Ross's b*tch was a nail in the coffin type sh*t. Bankruptcy only allows you to structure/negotiate the settlement so they can't go after your personal assets, he's still gonna have to pay. Makes no sense unless he's truly gonna be broke if he has to pay the settlement in cash

 

[Egomaniacal1]

Can you site me some case law that would lend credence to all those facts you just wrote up? Some precedence or ruling? When I look at the filing I see stall tactic, I see trying to protect himself from the punitive phase of the judgement. The judge wanted to see his last 5 years of irs filings to determine punitive damages because her lawyer was asking for 10mil. But you're the expert.

I think i agree with this.

I think he's just doing this to avoid paying the lump sum on it...just nickel and dime her on the money for the rest of her life. Not that he won't make 10 million going forward but that he wants to set up payments. That way he can still use the bulk of his wealth to keep spending and investing and he won't miss a few hundred/thousand a month.

 

[Field Marshall Bradley]

Spoken like someone who will never own shyt for themselves in life.

I was thinking the same thing.... this dude actually said a "measly 5 million dollars" ..........only on the internet

 

[Big Boss]

4 women 2 men.

Its over

 

[Big Boss]

Where's ja rule?

 

[Big Boss]

This nikka Chris Rock man

 

[blackzeus]

"he has" ..... Anyone in the world can do this bullshyt.

I'm sure every rich person who's ever been sued didn't just say "fukk it i'll file bankruptcy and put all my money in my corporations"...


There HAS to be some draw back... And this nikka aint got money like that.

I'm a Fif stan, but I gotta give it raw. You lose the following:

A) Your business credit rating takes a huge hit when you file for bankruptcy

B) Your reputation takes a hit when you file for bankruptcy

Bankruptcy is a last ditch resort for protecting your assets. If you have 500 m's filing a bankruptcy for 5Ms is retarded, it would be a much better strategy to appeal and draw out the case in court and see how long the other team's paper is. Now, if you have 5Ms and you get sued for 5Ms, you better file for bankruptcy ASAP because you could get wiped out overnight. Basically Fif got exposed on this one, this is not a good look, I hate to say it Still a fan, and f*ck that bish, she shouldn't have made the tape in the first place

 

[Krazy]

Where's ja rule?

 

[Cloud Cloud]

Not really. Getting stiffed by suddenly bankrupt defendants is all in the game for a plaintiff's lawyer. They can fight it, but I guarantee you they're sitting there like

I live life based off common sense.


There is no way on Earth, a lawyer will work for YEARS, YEARS.... If there is even a 49% chance they won't get paid in the end.... They wouldn't even do it if it was a 30% chance.... 10% chance..... 2% chance....


It could take longer.... It could take them going longer without getting paid (who wants to do that?) ... But they will get they fukkin money in the end.


And 50 is gonna keep racking up lawyer fees in the process. He's already at $400k


Paying $400k In Lawyer fees + bragging about new $70mil deals on twitter + Having fancy houses and cars + Filing Bankruptcy = a recipe for disaster.


What I'm trying to say is: his fukkin skirt will be pulled up SOMEWHERE along the line....


Remember when Jay sold his stake in the nets and it came out he only owned .001%?


Either fif is gonna pay this woman... Or some embarassing financial information is gonna come out on him.... I'd love to know how much he REALLY getting off that #frigo deal.... (prob like $300k)



Curly got no where to run..... We gon get the receipts

 

[blackzeus]

I live life based off common sense.


There is no way on Earth, a lawyer will work for YEARS, YEARS.... If there is even a 49% chance they won't get paid in the end.... They wouldn't even do it if it was a 30% chance.... 10% chance..... 2% chance....


It could take longer.... It could take them going longer without getting paid (who wants to do that?) ... But they will get they fukkin money in the end.


And 50 is gonna keep racking up lawyer fees in the process. He's already at $400k


Paying $400k In Lawyer fees + bragging about new $70mil deals on twitter + Having fancy houses and cars + Filing Bankruptcy = a recipe for disaster.


What I'm trying to say is: his fukkin skirt will be pulled up SOMEWHERE along the line....


Remember when Jay sold his stake in the nets and it came out he only owned .001%?


Either fif is gonna pay this woman... Or some embarassing financial information is gonna come out on him.... I'd love to know how much he REALLY getting off that #frigo deal.... (prob like $300k)



Curly got no where to run..... We gon get the receipts

Yeah all these 100 million dollar deals he's been doing about to get exposed something nasty if he don't pay up. To get your skirt lifted by some weak azz South Florida ho when you are a certified G from Queens is status

 

[jilla82]

People are confusing what 50spent is doing with what Trump does...

Trump files chapter 11 bankruptcy on his businesses...this allows the business to keep running. This is like someone telling you "I don't have the money right now but I got goods to sale and employees to sell them so lets structure out some sort of payment for what I owe you while my business keeps running and bringing in money."

50spent filed for PERSONAL BANKRUPTCY...though it doesn't say if it is chapter 7, 11, 13...

At any rate, if you got money like 50spent say he got money then it is pretty fukking dumb to put your personal credit at risk to avoid paying 5 million dollars...

He's pretty much painted himself into a corner where if ANYTHING happens to his businesses he is pretty fukked financially...

Things like buying a house or a car...yeah you need good PERSONAL credit for that...and surely we know what filing personal bankruptcy does to personal credit...

People kill me with all this "he got financial advisers he got lawyers" talk

Every financial adviser isn't good...

Every lawyer isn't good...

Their actually two-thirds of the group of people who caused the financial crisis of 2008...

The fact that he could have easily settled out of court let's me know his legal team isn't as strong as needs to be...

50spent better get another producing credit on power to get his money up...

Even funnier filing bankruptcy doesn't mean he still won't owe this woman...bankruptcy doesn't cover something you owe in restitution...

So if she got a decent lawyer he can seek restitution instead of compensation...meaning 50spent could still be on the hook for 5 million...

Never understood why people seek compensation instead of restitution in lawsuits anyway...but that is another thread for another time...

breh this is kind of wrong.

Why would his personal credit matter?
Why would he need credit to buy a house or car when he could just use cash...or show his assets?
People like 50 dont buy anything in their name...which is why his personal credit means dikk.

You really think he blew his money on something...or that you know his situation better than people directly connected to him?
People thinking he is broke dont even make sense.

 

[Big Boss]

I live life based off common sense.


There is no way on Earth, a lawyer will work for YEARS, YEARS.... If there is even a 49% chance they won't get paid in the end.... They wouldn't even do it if it was a 30% chance.... 10% chance..... 2% chance....


It could take longer.... It could take them going longer without getting paid (who wants to do that?) ... But they will get they fukkin money in the end.


And 50 is gonna keep racking up lawyer fees in the process. He's already at $400k


Paying $400k In Lawyer fees + bragging about new $70mil deals on twitter + Having fancy houses and cars + Filing Bankruptcy = a recipe for disaster.


What I'm trying to say is: his fukkin skirt will be pulled up SOMEWHERE along the line....


Remember when Jay sold his stake in the nets and it came out he only owned .001%?


Either fif is gonna pay this woman... Or some embarassing financial information is gonna come out on him.... I'd love to know how much he REALLY getting off that #frigo deal.... (prob like $300k)



Curly got no where to run..... We gon get the receipts

50 gon have to cut that check

 

[darealxan]

Time to start moving weight in queens again