Judge Mathis says 50 is Done... EDIT: Bankruptcy Judge Says he's Playing Games :yowzers:
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"Every bankruptcy case has an inherent good faith filing requirement. In general, when a case is considered to be filed in bad faith, it means that there was an abuse of the bankruptcy system."
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"Now Mr. Jackson's own voluntary bankruptcy petition filed in this court on the very day that the punitive damage phase was to commence in the state court litigation is interesting in terms of its timing." - 50's bankruptcy Judge
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"Bu bu bu he's making tactical business moves"
Hey @Monster ... I've learned so much watching your boy about to get eatin for breakfast, I'm dam near qualified to be a bankruptcy Attorney. If times get hard and you wanna file, holla @ me I got you on the hook up
it's like you're proud of being a fakkit
yup. when they talk about net-worth, it's pretty much a theoretical value based on valuation (which is subjective) of assets minus liabilities.
typically if you're assets are mostly public stocks, they'll use the market value on that given day, multiply it by whatever number of shares you own, add up other assets you own and deduct liabilities. but just because the market price for shares of microsoft or apple or whatever public corp is X today, doesn't mean that if you put it all for sale tomorrow at the same time that you could get the same price. as a matter of fact, chances are you'd have to sell at a lower price (unless another corp or someone else has the cash and is really trying hard to own the stock you're selling). which is why it's a theoretical networth.
as far as if someone like bill gates could get 30billion cash in a week...i mean save for a loan from a big bank (which would still have to be negotiated unless he's willing to lose money on the deal), it's very unlikely.
overall, just like the Dame thread, i think it's a good thing people are learning financial concepts through these situations.
sadly, i kind of lean towards your logic as well overall...Well I dont believe in those net worth estimates because they're all guesses. U can better estimate someone like Gates networth becuse u know how many shares of Microsoft he owned and continues to own. W/ Fifty, we have no idea what was in his record contracts. The vitamin water deal was his biggest deal. Apparently that was worth 100mil before taxes.
So what I can surmise by him filing bankruptcy is that he was never worth what we all thought. Nobody would use bankruptcy to avoid paying an inconsequential amount of their networth. They would use it if paying what they had tk pay would actually bankrupt them. They would countersue or find away to bury his advisary's lawyers in paperwork or some sh1t. But I don't buy bankruptcy being some scheme not to pay. Why risk jail time if he has 150mil somewhere?
If his companies are as profitable as he claims, he could easily get loans to pay what he owes. Im a Fif stan, so it hurts to see him trying to justify sh1t. He aint broke, but he aint on the Jay/Diddy level we thought he was on
Originalgangsta317
Banned
you must be 12
to the younger people reading this thread, soak up the financial concepts if you're not aware of them. understanding this shyt is half the battle towards building wealth for you and your fam. It's almost like a board game or a sports fantasy league type shyt that if you understand and strategize for and pass down the knowledge to your children, can actually secure your prosperity for your bloodline many generations over...
Thatrogueassdiaz
We're on the blood path now
Something tells me 50 is playing games and will get caught.
JayBaldacci
All Star
you must be 12
Im 12 because Pac signed a horrible contract and 50 was more popular?
JayBaldacci
All Star
bytch why do you keep bringing up business?
Because that's what my og argument was about. But you being the Pac Stanley that you are thought I was talking about packs rapping and got offended.
Mac Casper
@adonnis - pull up, there's refreshments
Maybe . . you seem completely unaware of the contract details because he signed one of the best deals you'll ever see
Also Tupac 1996 > 50 in '03
Originalgangsta317
Banned
Man you stupid
About being a functional idiot like 50 Cent? "Hey everybody! I'm super duper rich, but I'm filing bankruptcy because I don't want to pay my lawsuits. But I'm stupid rich." My businesses make a shyt on of money, but I don't get no revenue. i'm poor, wink, wink. Dude is really broke or a complete fukking moron.
JayBaldacci
All Star
No. This is not true. At least not in pooularity. I don't even like GRODT.
So yall saying 50 is running out of lifelines?
