50 Cent Files For Bankruptcy
While we've got no hard evidence to prove the idea, we sort of pictured 50 Cent as the type to do laps in a vault full of gold coins a la Scrooge McDuck. Sadly, the pool is reportedly all but evaporated, and 50 is in dire straits.
According to the Wall Street Journal, Curtis James Jackson III officially filed for chapter 11 bankruptcy protection today after reporting assets and debts in the range of $10 to $50 million.
The news comes on the heels of a jury's decision on Friday to order Jackson to pay $5 million to Lastonia Leviston, whose sex tape Leviston accused Jackson of leaking. According to the Associated Press, Leviston said Jackson made the footage public in 2009, and supplanted himself into the clip as a character named "Pimpin' Curly," who made lewd remarks throughout the film. The character also mocks Rick Ross, who's the father of Leviston's child, as part of the production.
"This was something done to me. I didn't have a choice. I would never, ever do this to myself," Leviston testified, the site says.
And that's not 50's only recent courtroom trouble. Last April, Jackson was ordered to pay $16 million to Sleek Audio after a partnership designed to produce his line of headphones went kaput, according to the Braedenton Herald.
Strangely, Forbes listed 50 Cent as No. 4 on its list of Hip Hop's Five Wealthiest artists of 2015, and the magazine estimated his net worth to be $155 million.
Update: 50 Cent's lawyers have issued the following statement, below (via XXL):
Hartford, CT…July 13, 2015 – Attorneys for Curtis Jackson, a/k/a 50 Cent, today announced that their client has filed for relief under chapter 11 of the Bankruptcy Code. The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests.
Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case.
“This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs,” says William A. Brewer III, partner at Brewer, Attorneys & Counselors and counsel to Mr. Jackson.”
We're sure Mr. Jackson's "business interests" are soothed by this update. Share your thoughts on 50's "orderly reorganization" in the comments below.
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