50 Cent Wishes He Had Fifty Cents
A recent and notable celebrity bankruptcy is that of famous music artist 50 Cent
Well-known rapper 50 Cent is making headlines — concerning financial matters well beyond 50 Cents. On July 10, 2015, 50 Cent was ordered to pay $5 million to Lastonia Leviston. She sued 50 Cent over a sex tape that the rapper distributed / posted online involving Leviston.
On July 13, 2015, 50 Cent filed for Chapter 11 bankruptcy protection. Filed in the U.S. Bankruptcy in Hartford Connecticut, court documents reveal that 50 Cent’s debts are “primarily consumer debts.” A.K.A Curtis Jackson, 50 Cent had reported debts and assets of approximately $10 million to $50 million and lists between 1 and 49 creditors.
The rapper filed for the Chapter 11 protection the same day he was to appear in a NY state court to determine if he owed damages to rapper Rick Ross’s ex-girlfriend, Leviston. Generally, filing for bankruptcy will place an automatic stay and stop all collection activities from creditors. Although his lawyers did not comment on how he may use his bankruptcy protection to achieve a fresh start, as he tries to organize his financial affairs, 50 Cent supposedly may continue his involvement with his business interests and continue to work as an entertainer. The bankruptcy petition did not reference the lawsuit earlier mentioned by Ms. Leviston.
The rapper’s Chapter 11 filing comes after his boxing promotion company SMS Promotions also filed for debt relief under the Chapter 11 Bankruptcy code on May 26, 2015. This move was related to the sex tape lawsuit, which accused him of posting a 13-minute sex tape as part of a “rap war” or “rap beef”between Mr. Ross and himself, according to court documents.
It is unclear to what extent 50 Cent squandered his wealth: he was for a short time the most popular rapper in the world, selling over 20 million copies of his first 2 albums. He appeared on the gangsta rap music scene, then founded G-Unit Records, and made deals with companies such as Reebok and Vitaminwater.
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