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Thread: 50 Cent Files for Bankruptcy

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    Elite Member greysfang's Avatar
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    Default 50 Cent Files for Bankruptcy

    I'm Busted Declares Bankruptcy


    7/13/2015 8:18 AM PDT BY TMZ STAFF




    50 Cent is down for the count after losing a multi-million dollar lawsuit ... he's just declared bankruptcy.
    TMZ has confirmed ... 50 filed for bankruptcy on Monday, 3 days after Rick Ross' baby mama won a $5 million jury verdict against him.

    50 is in a world of financial hurt. A jury awarded Lavonia Leviston the $5 mil after determining the rapper intentionally leaked a sex tape in which she was featured, in order to embarrass Ross.

    50 has been ordered to produce proof of income and worth so the jury can determine punitive damages.

    According to the bankruptcy filing -- a story first reported by Page 6 -- 50 says his assets are valued between $10 and $50 million but his liabilities are also between the same range.

    On top of that, 50 lost a court case in which a jury socked him with a $17.2 million judgment over ripping off a headphones design.

    It's a breathtaking fall .. in May, Forbes estimated 50's net worth at $155 million.



    Read more: 50 Cent -- I'm Busted ... Declares Bankruptcy | TMZ.com
    If he would stop being shady he would stop getting sued. Bitch better get back in the studio.
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    Elite Member MohandasKGanja's Avatar
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    That's also a pretty significant revenge-porn milestone.
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    Super Moderator twitchy2.0's Avatar
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    50 Cent now penniless.
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    Elite Member Trixie's Avatar
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    Now officially known as Zero Cent.
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    Elite Member greysfang's Avatar
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    Can we call him No Cents now?
    FUCK YOU AND GIVE ME MY GODDAMN VENTI TWO PUMP LIGHT WHIP MOCHA YOU COCKSUCKING WHORE BEFORE I PUNCH YOU IN THE MOUTH. I just get unpleasant in my car. - Deej

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    Elite Member MohandasKGanja's Avatar
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    Or "Not Even a Nickleback"
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    Elite Member SHELLEE's Avatar
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    Quote Originally Posted by greysfang View Post
    Can we call him No Cents now?
    No sense
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    See, Whores, we are good for something. Love, Florida
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    Is he really bankrupt though, or is this just a ploy to avoid paying the 5 mill. Could he have a couple of millions stashed away on offshore accounts. I wouldn't put it past him.
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    Elite Member rollo's Avatar
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    Looks like he has to pay $5m and $17.2m.
    I have some famous friends and I have mostly not famous friends.

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    With the way he spends money there's no way he can pay out $22.2 mil in damages, I believe bankruptcy was his only option. That being said, I wouldn't be too surprised if he did have a little cash stashed in offshore accounts.
    "You'll have to speak up, I'm wearing a towel."

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    Elite Member Air Quotes's Avatar
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    Doesn't even have two quarters to rub together.
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    Elite Member BITTER's Avatar
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    Quote Originally Posted by idunno View Post
    Is he really bankrupt though, or is this just a ploy to avoid paying the 5 mill. Could he have a couple of millions stashed away on offshore accounts. I wouldn't put it past him.
    Yeah 'cause Toni Braxton did some similar shit a while back and she sure was not living like she was bankrupt.
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    Elite Member louiswinthorpe111's Avatar
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    Now he's negative 50 cent.

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    Elite Member heart_leigh's Avatar
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    yoyoma, rollo and greysfang like this.
    Rock the fuck on!

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    50 Cent says bankruptcy filing good for business

    50 Cent says bankrupcty filing good for business

    Kate Kachor 2 hrs ago Nine News


    Rapper and businessman 50 Cent has poked fun at suggestions his multi-million dollar fortune is in jeopardy by posing in a photo with a tiny car.

    The musician, whose real name is Curtis Jackson, posted the photo of him standing in front of the small car in an underground carpark to his Instagram account earlier today.

    The photo, which included the caption 'Times are hard out here LMAO" comes a day after the 40-year-old shocked many by filing for bankruptcy protection.

    Jackson, who Forbes estimates to be worth more than $200 million, filed a Chapter 11 in a US court on Monday.

    "You know when you're successful and stuff, you become a target," he told E! News in his first interview since his bankruptcy filing.



    © Instagram 50 Cent's instagram picture.


    "I'm taking the precautions that any other good businessperson would take in this situation."

    "I don't wanna be a bullseye. I don't want anybody to pick me as the guy that they just come to with astronomical claims and go through all that."

    The "astronomical claims" Jackson is likely to referring to is that of Lastonia Leviston, the former girlfriend of fellow US rapper Rick Ross.Ms Leviston is suing Jackson over the publication of a sex tape.

    The rapper reportedly appeared in the 13-minute clip as a commentator to taunt Ross, with whom he was publicly bickering at the time.

    The rapper filed for bankruptcy to protect his assets, according to Jackson's lawyer, William A Brewer III."

    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," Mr Brewer said in a statement published by the Wall Street Journal.

    What has surprised many is the fact that Jackson is in a position where he needs to "orderly reorganize" his multi-millions.

    Just last week, The New York Times offered the reminder that the 40-year-old is "well known" for having "exceptional business instincts."

    "A former crack cocaine dealer who has been shot nine times, he has sold more than 22 million albums," the newspaper wrote.

    As well as his music, Jackson also has a number of other feathers in his bow.He reportedly made more than $135 million from the sale of Vitamin Water to Coca-Cola after joining the brand as an investor.

    He also has a stake in G-Unit Records, a vodka brand, his has his own headphones company, a sneaker brand, video game series and his own cologne.

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