SMS Promotions Bankrupt !
- Thread starter Icantspell
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- 50 cent
on to the next
He filed for bankruptcy protection, which protects him and his business from getting sued, by anyone.
This basically grants him immunity for the time being.
Lawyers were mad in that court room. That lawsuit with the sextape goes back 5 years ago.
This basically grants him immunity for the time being.
Lawyers were mad in that court room. That lawsuit with the sextape goes back 5 years ago.
Bondye Vodou
Proud practitioner of the "High Science"
He inherited an apartment building and a few million, which he has taken and done well with, if he was bad at business he would've wasted the inheritance
he is rich and bad at business, lots of people like that, LMAO, you are a moron sorry
You realize you can file for bankruptcy INFINITE TIMES as a business because you can't just start a new one with clean slate and brand new tax id number
without EVEN PAYING BACK ANY BUSINESS LOANS you took out prior
like I said it's a shield, you don't know what you are talking about, it's only an L in eyes of a layman who wants to feel better about himself
You have no clue what you are talking about
first off donald trump never filed for bankruptcy HIMSELF
so he personally never lost anything, the company filed for bankruptcy, and he just started a new one lol
you don't even understand how the game works
The Tanzanian Prince
Tanzania Nakupenda Kwa Moyo Wote
meanwhile.....the rest of us spend more time on social networks laughing at black people in ther 30s and 40s making millions...and enjoying life
the audacity....i must say...
On a serious note though, if SMS Promotions served as a Special Purpose Vehicle then 50's finances are safe because it probably did not reflect on the parent company's balance sheet, however, banks could be reluctant to give out any loans to him for new projects unless otherwise his "other" ventures are really successful
the audacity....i must say...
On a serious note though, if SMS Promotions served as a Special Purpose Vehicle then 50's finances are safe because it probably did not reflect on the parent company's balance sheet, however, banks could be reluctant to give out any loans to him for new projects unless otherwise his "other" ventures are really successful
http://pagesix.com/2015/05/26/50-cents-baby-mama-drama-worsens-after-lawyers-try-to-hide-millions/
Rapper 50 Cent ducked a potentially costly lawsuit over a sex tape — by filing for bankruptcy just minutes before the Manhattan trial was scheduled to start Tuesday.
The “In da Club” singer brought the Connecticut federal bankruptcy proceeding on behalf of his boxing promotion company SMS claiming the firm owed up to $500,000 that it could not pay.
He then got a federal judge to remove the Manhattan state civil suit brought by rival rapper Rick Ross’ baby mama, because he is SMS’ “sole owner and manager,” according to court papers.
The 2010 Manhattan suit by Lestonia Leviston, 36, of Florida “may have effects on assets and liabilities of the debtor,” Fitty’s filing says.
The rapper, born Curtis Jackson, in Queens, posted the racy video of Leviston and another former boyfriend Maurice Murray in 2009 on his website. It drew 4 million views and almost drove Leviston to suicide, she says in her suit.
Leviston’s lawyer Hunter Shkolnik fumed that the 11th-hour staling tactic was “the most egregious case of sandbagging” he’d ever seen. He vowed to petition the federal court to return the case for a trial in Manhattan state court.
Shkolnik called Jackson’s explanation for why the business bankruptcy could effect his personal pocketbook “weak.”
The Grammy-Award winning rapper is worth an estimated $140 million and he declared bankruptcy for the boxing-promotions firm just weeks after he reportedly won $1.6 million betting on welterweight boxing champion Floyd Mayweather to retain his title against Manny Pacquiao.
Jackson’s lawyer also got a verbal tongue-lashing from Manhattan Supreme Court Justice Paul Wooten, who noted that the rapper signed the bankruptcy filing on May 25, but didn’t inform the judge until the next afternoon.
And the notification came with a paper filing to a clerk. Jackson’s lawyers didn’t even bother to show up for jury selection in Manhattan, which was scheduled to startTuesday morning.
The bankruptcy court recorded Jackson’s claim at 10:49 a.m. Tuesday.
“You’ve really taxed the patience of this court,” Wooten said.
“You could have told us that at 11 a.m. rather than not show up. Not to mention the tremendous inconvenience to the court…you can understand my impatience,” Wooten added.
Jackson’s lawyer, Steven Losquadro, said sheepishly, “To the extent we’ve inconvenienced the court, I do apologize.”
Any1 with half a brain could have figured out why he did this, out of nowhere, lol, but regardlees, His fighters is always losing, this was a bad business deal from the jump tho. they r not letting a new dude come infiltrate that infrastructure and win, the inner dealings of boxing is like some mob shyt
Rapper 50 Cent ducked a potentially costly lawsuit over a sex tape — by filing for bankruptcy just minutes before the Manhattan trial was scheduled to start Tuesday.
The “In da Club” singer brought the Connecticut federal bankruptcy proceeding on behalf of his boxing promotion company SMS claiming the firm owed up to $500,000 that it could not pay.
He then got a federal judge to remove the Manhattan state civil suit brought by rival rapper Rick Ross’ baby mama, because he is SMS’ “sole owner and manager,” according to court papers.
The 2010 Manhattan suit by Lestonia Leviston, 36, of Florida “may have effects on assets and liabilities of the debtor,” Fitty’s filing says.
The rapper, born Curtis Jackson, in Queens, posted the racy video of Leviston and another former boyfriend Maurice Murray in 2009 on his website. It drew 4 million views and almost drove Leviston to suicide, she says in her suit.
Leviston’s lawyer Hunter Shkolnik fumed that the 11th-hour staling tactic was “the most egregious case of sandbagging” he’d ever seen. He vowed to petition the federal court to return the case for a trial in Manhattan state court.
Shkolnik called Jackson’s explanation for why the business bankruptcy could effect his personal pocketbook “weak.”
The Grammy-Award winning rapper is worth an estimated $140 million and he declared bankruptcy for the boxing-promotions firm just weeks after he reportedly won $1.6 million betting on welterweight boxing champion Floyd Mayweather to retain his title against Manny Pacquiao.
Jackson’s lawyer also got a verbal tongue-lashing from Manhattan Supreme Court Justice Paul Wooten, who noted that the rapper signed the bankruptcy filing on May 25, but didn’t inform the judge until the next afternoon.
And the notification came with a paper filing to a clerk. Jackson’s lawyers didn’t even bother to show up for jury selection in Manhattan, which was scheduled to startTuesday morning.
The bankruptcy court recorded Jackson’s claim at 10:49 a.m. Tuesday.
“You’ve really taxed the patience of this court,” Wooten said.
“You could have told us that at 11 a.m. rather than not show up. Not to mention the tremendous inconvenience to the court…you can understand my impatience,” Wooten added.
Jackson’s lawyer, Steven Losquadro, said sheepishly, “To the extent we’ve inconvenienced the court, I do apologize.”
Any1 with half a brain could have figured out why he did this, out of nowhere, lol, but regardlees, His fighters is always losing, this was a bad business deal from the jump tho. they r not letting a new dude come infiltrate that infrastructure and win, the inner dealings of boxing is like some mob shyt
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HARLEM AL
Your broad loves me.....
No, it was suppose to be TMT promotions with Floyd. He signed all the fighters (except Kirkland at the time) and then Floyd backed out the deal. He said fukk it and created SMS promo because he spent the money to get the fighters(spent a grip for Gamboa).
If you ain't Al Haymon or Bob Arum you ain't making no money. Jay will soon find that out for himself. shyt he got his dn fighter fighting on fukking BET
bankruptcy is a way for rich dudes to get richer. 50 playing chess not checkers. Smarten up.
after reading the article about how he played chess
Diondon
Thanks to the lawyers uh, I marbled the foyer
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