Judge Mathis says 50 is Done... EDIT: Bankruptcy Judge Says he's Playing Games :yowzers:

[Family Man]

@Cloud Cloud won't take his foot off Curly's neck.

Do you, playa.

Yeah. He been giving Woodface that work all week. Breh won't stop until Curly is in a cardboard box.

 

[69 others]

50 has been trying to sell his Farmington, CT house for years. He would have to put it up for auction and take whatever he can get. He paid $4 million and did $6 million in renovations. Zillow says the place is worth $700 thousand.

Farmington Home



Ironically the original owner of the Farmington house filed bankruptcy and was caught hiding his assets. He was sentenced to 9 years in prison. Most of the owners of that house have filed bankruptcy.

The long, messy history of 50 Cent’s Connecticut home

Damn that house is cursed

That house is just a magnet for idiots with more money than sense. Like Tyson (Nikka wanted 22mil) 50 would end up taking a loss on that shyt too. It's located in a moderate suburb outside Hartford where the median income is around 50k not Greenwich, the Hamptons, or some other location where the wealthy gather. Most of the selling premium in expensive homes comes from their location not the houses themselves unless they have some some historical or other significance. Like puff and j 50 should of bought in the Hamptons, Beverly Hills or nyc if he wanted to flip.

 

[CodeBlaMeVi]

This is a very long post but the point is really simple: his ownership stakes in those companies will get gobbled up to help pay for his debts i.e the stakes are in play in this scenario

Those attorneys say if their business intermingles with their personal finances.

Ever wondered why if someone gets sued they name the person and company? Two different things. I don't believe the government can make someone sell their business(es) to appease a judgment. Ironically, citation was provided for that theory.

 

[Born2BKing]

Is judge Mathis a real judge or a TV judge..last time I checked he had a young lady sitting on his lap talkin bout that show was fake

That was Joe Brown, ol all black people look alike ass cac.

 

[Cloud Cloud]

Those attorneys say if their business intermingles with their personal finances.

Ever wondered why if someone gets sued they name the person and company? Two different things. I don't believe the government can make someone sell their business(es) to appease a judgment. Ironically, citation was provided for that theory.

Breh, you need to learn reading comprehension. It's simple:


1) If somebody sues your BUSINESS (let's say SMS audio), they cannot take your PERSONAL assets... House, car etc...

2) If somebody sues YOU (or you file PERSONAL bankruptcy), they CAN take money / assets from your businesses. PERIOD.



Here is link to judge mathis if anyone wasn't able to see embed:

Judge Mathis -- 50 Cent Might Be Doin' the Bankruptcy Shuffle (VIDEO)

 

[The God Poster]

First there is no link to Judge Mathis saying of the stuff you wrote.

Second, the link you provided contradicts what you posted OP.


By Attorneys Jeff & Patty Williams

If you have a Corporation or an LLC, there is no personal liability for any of the debts unless you signed a personal guarantee. But if do not have a corporation or an LLC, and instead own a Sole Proprietorship or are a partner in a business, you are personally liable for allof the business debts.

Whether your small business entity should be bankrupted or not depends on several factors. Among the factors to be considered are:

· -- Do you have the time, energy, and desire to continue the business?

· --Are there any significant assets (tools, inventory, vehicles, buildings, etc.)?

· --What is the net worth of the entity, when debts are subtracted from assets?

(You need an accurate current Balance Sheet to determine this.)

· --How much profit or loss did your company generate during

(1) the six calendar months prior to your bankruptcy filing and

(2) for the year-to-date when you file?

· --Do you own all the stock or membership interest? If not, who else does?

· --Are any Federal withholding (payroll) taxes due?

· --Are any State sales taxes due?

· --Are there any unpaid salaries due?

Another matter to be decided in making this decision is, are your personal finances and those of your corporation or LLC (hereafter, called “entity") entirely separate, or intermingled? For example, perhaps some months there isn’t enough money in your personal account to make a required house or car payment, so you write a check from your business account to cover it. Or, the business entity has some bills coming up, so you cover them by making payments using your personal charge cards. Intermingling like this can make it very difficult, or impossible, to figure who owes what. It can also invite a detailed tax audit of both yourself and the entity.

If both you and your business entity are way behind on bills with no chance of catching up, and you definitely need to file personal bankruptcy, it may or may not make sense to also file bankruptcy for the entity.

Yeah I'm fully convinced we dealing wit cacs & kids on here. Fools refuse to look at facts

 

[Richard Wright]

The lawsuit is such bullshyt. 50 cent isnt broke. Its like if bill gates lost a 80 billion dollar lawsuit and people said he was broke.

50 made a HUGE mistake stealing the ip for those headphones and is about to lose everything over it.

We all know damn well none of that 15 million is from the headphones he stole.

 

[G.O.A.T Squad Spokesman]

Is judge Mathis a real judge or a TV judge..last time I checked he had a young lady sitting on his lap talkin bout that show was fake

You have your black judges mixed up.

 

[CodeBlaMeVi]

Breh, you need to learn reading comprehension. It's simple:


1) If somebody sues your BUSINESS (let's say SMS audio), they cannot take your PERSONAL assets... House, car etc...

2) If somebody sues YOU (or you file PERSONAL bankruptcy), they CAN take money / assets from your businesses. PERIOD.



Here is link to judge mathis if anyone wasn't able to see embed:

Judge Mathis -- 50 Cent Might Be Doin' the Bankruptcy Shuffle (VIDEO)

He didn't mention any detail information about the case or what you are spewing. Number 2 is not right. They're mutually exclusive. A person can offer it but judges cannot take it because it is its own entity and person. I understand you want him to lose but you're making up shyt.


I think (keyword: think) shuffling means moving his high valued personal assets either under a business some other entity.

 

[Born2BKing]

Well the L is the lawsuits but yeah he's still rich as fukk and never has to worry about money ever again and neither will his kids or their kids. I think people love the idea of people really rich going broke especially if they're not "humble enough" for them.

How you know. You his accountant?

 

[Diondon]

 

[FreshAIG]

How you know. You his accountant?

Yeah I am nikka

 

[Turbulent]

I've been knowing 50 is screwed all to hell. But now it's 5x worse than I thought.




http://www.tmz.com/2015/07/18/judge-mathis-50-cent-bankruptcy/


Judge Mathis basically just said he's either really broke or going to have some "Problems" if he's trying to shuffle money (bankruptcy fraud).


=====

Can I File Personal Bankruptcy Without It Affecting My Corporation or LLC?

People sometimes reason that because a Corporation or LLC insulates the owner from personal liability, there is no problem with continuing to operate the entity as before while filing personal bankruptcy. They are failing to realize that although an owner who is a bankruptcy debtor is not responsible for the debts of the Corporation or LLC, he/she is the sole (or at least partial) owner of all the stock or membership interest! Since they own it, when they file personal bankruptcy, that stock (or membership interest) becomes an asset of the debtor’s bankruptcy estate.Therefore, the debtor must list their ownership interest in their company in their bankruptcy. If that stock or membership interest has any value (i.e., if the entity has any assets), the bankruptcy Trustee has the power to liquidate the assets of the corporation or LLC for the benefit of the debtor’s personal creditors.

However, there are two possible ways out of this mess, if the debtor wishes to keep operating his/her Corporation or LLC.

First, if the net value of the liabilities of your entity equals or exceeds the net value of the assets of the company, your bankruptcy attorney can present to the Trustee a balance sheet proving that, and state that your interest in your company has no net value because the liabilities exceed the assets.

Second, if the net value of the assets of your entity exceeds the net value of the liabilities of the company, you may simply pay the Trustee the fair value of the stock or membership units, generally the liquidation value of the corporate assets (assets less liabilities). Often this liquidation value is not that much, especially if the business assets are subject to bank liens or there is no inventory. So, as the value of the entity is often much greater as an ongoing operation, a bankrupting debtor-owner will sometimes “buy back" the entity’s business assets from the trustee in order to keep the entity solvent.

For either of these solutions to work, you must provide your attorney with accurate valuations. Even your accountant may not have all this information. The bankruptcy trustee will ask you how you valued your company, and you need to have clear, concise explanations as to how you determined the value of each item to avoid harming your case.

SHOULD MY CORPORATION OR LLC FILE BANKRUPTCY IF I FILE PERSONAL BANKRUPTCY? - Avvo.com


=====


When 50 filed bankrupt and said he had $15mil in personal assets, I was under the impression that meant houses, cars, bank accounts etc.... And didn't count his businesses.


This here just said your business assets is a part of your personal assets if you are filing bankruptcy.


So this nikka is worth $15 mil, including the assets of his businesses?


So now one of 3 things is going to happen:

1) The judge will grant his bankruptcy and Ross Baby Mom will be the eventual owner of SMS audio

2) The Judge will deny his bankruptcy and he will just outright have to sell all his houses, cars and business assets ASAP to pay his debts.

3) While the Judge is determining if they will grant the bankruptcy, they do a deep forensic analyst of his financials, finds he's hiding money / "shuffling", as Judge Mathis would put it, and he ends up in jail for 10 years.


At this point, it's not if, but when, one of the above things will happen...


I hope one of you Stanley's got a futon or something this nikka can sleep on.

as far as corporations, the red is only true if you own enough shares to control who sits on the board and all that. if not then the trustee just owns shares that it can either sell or keep. what you posted kinda mentions it but i think some people might miss that.

i was kinda curious about this whole thing and in another thread, someone told me that because he filed chapter 11, they wouldn't come in to seize his assets necessarely. i was told that chapter 11 just means that he's requesting time to re-organize his finances and come up with a plan to pay back creditors (pay back a percentage instead of the whole debt).

 

[Detroit Wave]

i remember beating up his son in preschool

 

[Turbulent]

50 has been trying to sell his Farmington, CT house for years. He would have to put it up for auction and take whatever he can get. He paid $4 million and did $6 million in renovations. Zillow says the place is worth $700 thousand.

Farmington Home



Ironically the original owner of the Farmington house filed bankruptcy and was caught hiding his assets. He was sentenced to 9 years in prison. Most of the owners of that house have filed bankruptcy.

The long, messy history of 50 Cent’s Connecticut home

it's like a cursed house. maybe some IRS worker got murdered in the house decades ago and now he curses who ever buys it on some JD's Revenge type shyt