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

[Redwing80]

So Coli lawyers, his lawyers released a statement, stating that Curtis Jackson filing for bankruptcy protection, doesn't affect his Businesses. Sof if he's broke, how does he continue to finance his several businesses.

This is one of the most interesting stories in Hip Hop. Brehs should be taking notes on this if the above is true. Where did you get this from by the way?

youll know he's broke when he sells his property at a loss...until then all of this is just poor people feeling joy at the possibility of someone that has more than them going through something.

No one can argue this right here. Until breh sells the mansion, he's still rich.

I was speaking to a tyc00n that owns an estate agency across the road from my house and he told my Dad that doing something like paying off your mortgage is just you spending on materialistic shyt. When you can just rent it out without anyone knowing

Dame Dash talks about getting money and putting it into companies (or the street), rather than saving it. People clowned him but that makes complete sense. Why keep a personal fortune that you won't spend when you can put it towards a growing company that your kids can have? As long as you have ownership you still get dividends

 

[kingstl]

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

yeah aint no way around that one. They'll start taking cars, homes, etc.

Im sure he doesn't have his bottom dollar tied up in investments. He got 10 mill liquid im sure

 

[WSFGDan]

Being Chris Rock threw a jab at 50 over this makes me think this might be bad like 50, Chris Rock is a rich black celebrity and hes not a c00n so it makes me wonder

Nah he's been saying slick stuff about 50 all year. Pookie should be worried about that $35 Million his wife about to take.

 

[King Poetic]

I see we have a lot of 50 accountants on here that knows that he's either broke or not..

Either way it's a Lost in the public eye in terms of the rap world where nikkas will use it in any beef..

Some shyt just need to be under closed documents

 

[VladTheImpaler]

 

[Krazy]

Rapper 50 Cent filed for bankruptcy on Monday.

The news came as bit of a surprise since The New York Times just described him as a man of "exceptional business instincts" less than a week ago.

In May, Forbes pegged his net worth at $155 million.

50 Cent, aka Curtis Jackson III, reportedly earned between $60 million and $100 million from a stake in Vitamin Water when it sold to Coca-Cola in 2007, according to The Washington Post.

Yet in the abbreviated Chapter 11 filing Monday, Jackson's lawyers said that his assets range from $10 million to $50 million, including cash. The same goes for his liabilities.

What could be going on here?

The lawyers for a woman who just won a lawsuit against Jackson believe he's trying to protect himself from paying their client. Lastonia Leviston is due $5 million as a result of a sex tape that Jackson posted in 2009 allegedly as part of an attempt to stir the pot with rival rapper Rick Ross.

Hunter Shkolnik, Leviston's lawyer, told Business Insider, "We think this is a failed attempt to avoid paying this woman who has been hurt so badly by his actions."

Here's the backstory: Ross and Leviston had a child together in 2003. In 2008, Leviston was recorded having sex with her boyfriend at the time (who was not Ross). That boyfriend gave Jackson a copy of that sex tape, according to the AP.

Jackson allegedly posted the tape online to humiliate Ross. But he didn't just post the tape: He added his own commentary while wearing a wig. Jackson called himself "Pimpin' Curly" and recorded a demeaning, vulgar voiceover for the tape, according to The Daily News. (We have not watched the video.)

It ended up humiliating Leviston. The AP, citing news reports, says Leviston testified in court, "This was something done to me. I didn't have a choice. I would never, ever do this to myself."

Three days ago Leviston won a $5 million judgement against Jackson for that tape. She could earn more from punitive damages, the AP says.

So what does this have to do with Jackson's bankruptcy?

One source familiar with the matter speculated that the move Monday is an attempt to wrangle better settlement terms from Leviston. Our source speculated that this could be a way to get Leviston to accept a discounted settlement.

And the source said it is possible that Jackson — if he can prove that he is bankrupt — could reduce damages he owes after he lost lost a $17 million lawsuit in Florida with a headphones manufacturer after a botched business partnership.

The same source pointed out that other attempts similar to Jackson's move have failed celebrities. For example, O.J. Simpson was still held in prison but could not duck legal liabilities to Nicole Brown Simpson's survivors even after his bankruptcy filing.

Isaac Brekken/General Motors via Getty Images

If the celebrity committed an intentional act (such as releasing the sex tape) and is responsible for damages, those cannot be discharged through bankruptcy. (That may not extend to the $17 million lawsuit that he lost to the headphones company, however.)

Jackson filed for bankruptcy protection Monday morning in Connecticut, and over the next 30 to 45 days, it is expected that court-ordered sealed documents regarding his finances will come to light.

"This filing for personal bankruptcy 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," Jackson's attorney, William A. Brewer III, said in a statement. The firm did not provide further comment.

Even if Jackson has assets in excess of his liabilities, it doesn't mean he has enough cash to pay off the sex-tape lawsuit immediately, legal experts say.

The Chapter 11 filing could allow him to buy some time. He will be paying off what he owes in payment installations rather than in one lump sum if the bankruptcy move proves successful in court.

A legal source said that, under Connecticut law, where he filed, Jackson's bankruptcy filing will be treated like a corporation and not an individual.

http://uk.businessinsider.com/50-ce...f-his-legal-costs-with-bankruptcy-2015-7?r=US

 

[The God Poster]

A black man that help sell posion to his community since he was 12/14 years old and diss rich black people to energize his black on black crime riddle rap career that been on a downfall since his 1st album. Stole a real gangster name from a different borough and have the nerve to diss a black man for having a governmental correction department job he had at 19-23 years old after droping out of HBCU on scholarship .... fukk it huh, I guess everything ain't for everybody

All I'm saying if you gone voice ya opinion use one SN

U disagree?

 

[☑︎#VoteDemocrat]

Chapter 11 is for businesses.

 

[Harry B]

yes because rappers are known to downplay their wealth.

I don't know if they know exactly, when you are worth that much it's approximations.

Puff has said that he's worth a billion dollars a couple times, Jay said take what the Forbes figured and figure more.

I just don't know why Forbes would under or overestimate anyones wealth, it's not like they are friends with these people. Why would they overestimate Rick Ross's net worth, a dude that date rapes women in his songs. And why would they only do it for black people? Is this self hate or do you have some agenda regarding rappers?

 

[☑︎#VoteDemocrat]

yall keep bringing up his Uber.. Well, you got an exact amount on that? cuz if not.. eh

Does it matter? Uber is worth over 40 billion PRE-IPO...

 

[☑︎#VoteDemocrat]

I don't know if they know exactly, when you are worth that much it's approximations.

Puff has said that he's worth a billion dollars a couple times, Jay said take what the Forbes figured and figure more.

I just don't know why Forbes would under or overestimate anyones wealth, it's not like they are friends with these people.

Forbes only makes estimates based on public filings and easily accessible documents. Theres no telling who has secret LLCs and shyt

 

[☑︎#VoteDemocrat]

Dr Boyce on 50

Boyce is a millionaire on paper

 

[Monster]

Nah he's been saying slick stuff about 50 all year. Pookie should be worried about that $35 Million his wife about to take.

links?

 

[☑︎#VoteDemocrat]

all those lawsuits pile up tho

That'll tap your liquid assets real quick tho

 

[SpacelySprockets]

I'll say this much, this isnt an L in this sense of him filing for bankruptcy, it happens everyday with rich business men.. but it is an L due to the fact that it even got to this point, now the perception of 50 will be that he's broke. The average person on social media isnt gonna have the attention span to read the details of this, they just see bankruptcy and its automatically assumed that he's broke. He been trending worldwide all day and its a bunch of cacs making "he's down to his last 50 cent" and "get rich or die tryin" jokes.. the fact that a rap beef that he didnt even start eventually lead to this has to eat at him.. even if his strategy works out that won't make as many headlines as "50 cent is broke", some things are worth more than having to pay a bytch.. like your reputation, now theres always gonna be a stigma on my Godfather even if its false the only way he comes back from this is if he makes some monster type deal in the same vein as his vitaman water one or Dre's beats deal and thats a long shot