UPDATE 3: In an interview with Rollingout in promotion of his new movie Southpaw, 50 talks about the bankruptcy filing in brief (at the 14:45 mark).
UPDATE 2: 50 has also spoken on the situation for the first time. Read his statement below (via E online):
“I’m taking the precautions that any other good businessperson would take in this situation. You know when you’re successful and stuff, you become a target. I don’t wanna be a bulls eye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that. Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward. I gotta descent legal team. You don’t have to worry.”
UPDATE: William A. Brewer III, partner at Brewer, Attorneys & Counselors and counsel to 50 Cent has released the following statement (via Billboard):
“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.”
50 Cent lost a big lawsuit to Rick Ross’ baby mother Lastonia Leviston on July 10 after a Manhattan jury held that he was guilty of posting a private sex video featuring her online to millions of viewers, thereby causing hurt and almost pushing her to suicide. He was asked to pay $5 million in damages.
But 50 is trying to make sure he doesn’t have to do that. While his lawyers are planning an appeal in the case, 50 was supposed to hand over a net worth statement along with his tax returns for the past 5 years today, July 13 so the jury could calculate the punitive damages in addition to the initial $5 million award for the lady’s emotional distress.
But today, 50 with help of his lawyers filed for chapter 11 bankruptcy protection which lists his assets and debts each in the range of $10 million to $50 million. The number of creditors in the document (you can view it in full here) is listed at between 1 and 49, reports Page Six.
As per Chapter 11 of Title 11 of the United States Bankruptcy Code, this is a form of bankruptcy that involves a reorganization of a debtor’s business affairs and assets. It is generally filed by corporations which require time to restructure their debts. It doesn’t mean that you’re “broke”. It differs from Chapter 7 which stands for filing for liquidation.
This story will be an interesting one to follow.
Screenshot of court filing:
Here’s him fooling on Instagram:
Discussion about this post