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

[G.O.A.T Squad Spokesman]

I don't know if it's been stated already but the only part where 50 fukked up in all of this was when he appeared in the video. The video was released on Boo Boo TV which could be considered an LLC., If 50 didn't appear in the video and just put the sextape out on Boo Boo TV the only thing the bish could do is sue Boo Boo TV which doesn't generate any money so Boo Boo TV could easily file for bankruptcy without paying a dime. By him appearing in the skit before the video acknowledging the sextape he made himself liable for a personal suit. As a businessman he should've known better but he let his emotions towards Ross get the best of him.

 

[blackzeus]

He made it through a child hood of no father and his mother being murdered at 8 years old...

He Survived 9 shots as he sat in front of his grand mothers house on Jamaica Ave....

Went to war with the notorious drug cartele the Supreme Team...

Defeated the Biggest rapper in the game Ja Rule...

Had beef with the leaders of Every Major rap group in NY (D Block, Dip Set, Wutang, Terror Squad)....

Survived an onslaught from the biggest west coast rap star since Tupac Shakur.....


Yet,

on July 13th.... 2015.......


Curtis 50 Cent Jackson got his empire taken out by a $2 thot...



Those fukkin harsh realities

It's like when Omar got taken out by a little kid. Some "ain't that a bish" type sh*t. Hell hath no scorn like a woman's fury

 

[Mars]

What ever happened to the money interscope supposedly paid 50 when they released him and he had the company audited ? wasn't it like 23 or 26 million ? or was this just fan fiction ?

If 50's assets are worth 10-50 million,how much are his companies worth ? can't be much.Plus he still has 10-50 million in debt.

I believe 50 can bounce back,but he needs to cut out his bullshyt antics..

 

[blackzeus]

What ever happened to the money ...

 

[The Bookie]

What ever happened to the money interscope supposedly paid 50 when they released him and he had the company audited ? wasn't it like 23 or 26 million ? or was this just fan fiction ?

... Or the $78 million underwear deal.

 

[The Bookie]

He might have to dip into his son's "700k modelling fee".

 

[ALonelyDad]

This is a smart move, but twitter and other dumbasses who just read headlines think he is broke and losing everything.

 

[mson]

... Or the $78 million underwear deal.

He might have to dip into his son's "700k modelling fee".

 

[General Mills]

... Or the $78 million underwear deal.

. Oh shyt. Forget about that bullshyt

 

[eastside313]

Given that I know 50 is a ruthless, maniacal, vindictive at times highly unreasonable and fiscally conservative I am not unwillingly to believe he would go to this length to avoid paying the 5 million dollar judgment....unwisely, imo, but I'm the type who would rather lose the (relatively) small amount of money, then go through a bullshyt judicial process, when I could be enjoying my life, thats the joy of money, (when you have it) you just throw it at someone and keep moving, you use it to finance a life of leisure....but, to 50, he's one of those true capitalist businessmen who doesn't have a life outside of work, from what I can tell.

However, even with all that, 50 would rather declare bankruptcy chapter 11 then pay the 5 million...despite how that looks to the business world, to the entertainment world, the fans, and how it could possibly affect his future dealings and brand?

I would think The business world already knows what it is. Many of them have done the same thing.

 

[Calmye]

This filing buys him the time he wants/needs to pay his debts. He's not "bankrupt" in the typical usage of the term.

He's filing chapter 11 bankruptcy; this is not bankruptcy as most citizens know it. The bankruptcy that most people know is Chapter 7 bankruptcy (or chapter 13 under certain conditions) and is a total reset where you are left with no assets and no debts.

Chapter 11 bankruptcy is typically known as a "restructuring" bankruptcy. Given the lawsuits they quote in the article, I would assume he does not have immediate access to the liquid assets necessary to pay his immediate debts. This filing is to protect his investments while his financial team develops the most appropriate plan to pay his lawsuit debts. Paying $20mm is not an emergency for someone worth $500mm; paying $20mm in the next 30 days for most people of significant wealth is an emergency--most of their wealth is in investments. Think Zuckerberg here... Net worth of ~40 billion. 24 billion of that is in Facebook stock. It's not easy to free up mass units of stock for their fair market value because selling off large units of stock tanks the stock value.

got that from some dude iff reddit.... this is a major for 50 but he still has bank. The only thing is his image is Teflon 50. These series of Ls the jew unit has been racking up is damaging GodFathers Fif brand.

 

[The Devil's Advocate]

Is anybody actually reading the words in the article????

50 Cent is trying to use his boxing promotion company to dodge a sex-tape lawsuit.

The rapper placed SMS Promotions LLC in bankruptcy Tuesday in U.S. Bankruptcy Court in Hartford, Conn., to dodge a suit filed by Rick Ross’s ex, according to the New York Daily News.

Lastonia Leviston, rapper Rick Ross’s ex-girlfriend, sued 50 Cent in 2010, claiming he violated her privacy by posting a sex tape featuring her and Ross online.

Ten minutes before the trial was set to start Tuesday, Ms. Leviston’s lawyers got an email notifying them of the bankruptcy filing. The filing puts the brakes on lawsuits against SMS. 50 Cent’s lawyers say that because the rapper owns the company, he should be protected from lawsuits, as well.

Ms. Leviston’s lawyer said the filing was an “egregious case of sandbagging” and will seek to proceed with trial in state court.

Bankruptcy lawyers for SMS Promotions’ bankruptcy lawyer didn’t return emailed requests for comment. But according to a statement released by Billboard, “Under the direction of Mr. Jackson, SMS Promotions looks forward to reorganizing as a new corporate entity and becoming one of the leading promotion companies in the world of professional boxing.”

SMS Promtions, which launched in 2012, reported assets and debts each between $100,000 and $500,000 in its chapter 11 filing. Judge Ann M. Nevins is handling the case.

Correction: An earlier version of this article misstated that Mr. Ross appeared in the sex tape.







There's not a single word that says PERSONAL bankruptcy... I'm not sure why SMS would be on the hook for this lawsuit... but I'm going to go ahead and trust the Wall Street Journal over a bunch of coli nikkas saying he's broke

 

[pete clemenza]

While this isn't always the case, 50 Cent doesn't have the white complexion nor a well established business image or reputation making lucrative. large scale profitable business deals like say a Donald Trump, to where investors or companies are willing to overlook & disregard past failed business transgressions.

I read somewhere- a long time ago that Trump always gets bailed out because if he were to go under alot of other people and businesses would go under as well. So there'll always be a contingent of people with weatlh and connections that'll extend him a safety net if he were to f*ck up and be on the brink of losing it all

 

[Cloud Cloud]

I made a thread on another site 3 years ago saying 50 is a horrible business man....

Dumb nikkas, that of course don't know shyt, talked mad shyt.....


My words have been prophesised.



I think the reason most people are shocked is cus they believe every lie that comes out of 50 mouth: $73 million dollar boxer deal


really????



I mean you have to be the dumbest person on Earth (I guess this why humanity fukked up) to believe anybody would pay this HAS BEEN $73 million, when they can go get somebody like Bieber or Lebron or whoever....


People are just out right idiots, or maybe I'm just uber intelligent, probably a little bit of both.


But 95% of the shyt 50Cent do is a FLEX.


That nikka aint had a successful business deal since vitamin water, PERIOD, and that was 10 years ago.


He has Power now, which is doing pretty good I guess. But the nikka has expenses out the ass... He has to pay $500k to $1mil a year in security (I'm basing this off T.I. song where he said he bought all those guns cus he didn't wanna spend $500k for security, and we know 50 got 10x the security of T.I.)....


50 in some deep deep shyt....


I see him going crazy before he go outright broke... So prepare for the fire works

 

[Cloud Cloud]

I read somewhere- a long time ago that Trump always gets bailed out because if he were to go under alot of other people and businesses would go under as well. So there'll always be a contingent of people with weatlh and connections that'll extend him a safety net if he were to f*ck up and be on the brink of losing it all

I just read this in a comment on Vlad TV also.