50 cent files for bankruptcy

[gee757]

By no means am I caping for 50...

Just that some feel this is a massive L for 50 when in reality he is gonna wipe off half the debt without losing any of his personal wealth...

I think it's hilarious given how 50 trolls...just a lil karma come back his way...

I was just questionin u I ain't think u was capin.......nobody is sayin doo doo is broke its just real niggas is just laufin @ the fact that 5-0 is filing bankrupt over a joke tryna destroy another blk mans career & failed miserably

 

[MarcusGarvey]

"$100m in my stash nigga, nah Talkin bout, mo fuck that bank I got it in cash nigga.....I been grinding my whole life, fuck you talking about?"

I'd assume he's trying to reduce the $22m in lawsuits. BUT I don't know the specifics.

 

[MarcusGarvey]

I have to clarify a lot of misunderstandings about this thread and ignorant comments. I have to excuse some of you because rap fans are not the brightest fans in entertainment. It has been stated that 50 Cent has filed for Chapter 11 bankruptcy , now there is a difference between the varying forms of bankruptcy. The chapters start from 7 and go to 15. Chapter 7 means the liquidation of ALL assets, that is what a person files for when they are broke and ALL their assets have to be sold to satisfy their creditors the best they can. Chapter 13 is a common one also where organizations do this to rearrange the company for it's private owners. Chapter 11 is different from those chapters because it is about the reorganization of assets. In corporate America, a person may do this if they get hit with multiple lawsuits, don't hold much cash and want to protect the liquidation of the stakes they have in multiple businesses from being sold to appease creditors or the long arm of the law.

Such a case was seen when Donald Trump did this in the early 90s. Atlantic City was in debt for $500 million and as a result, one of Trumps companies filed for Chapter 11. In the process, Trump was able to move the valuable assets around to other entities, himself, and set a minimal balance in the account so he could protect them from the creditors and renegotiate better interest rates and pay only a fraction of the money owed. I believe he refinanced with Citigroup and was able to get out of that jam and retain his fortune and start back as if nothing happened. Master P had a similar circumstance in 2002, when he also filed for chapter 11 bankruptcy to protect himself from a large judgement by Universal. He was able to protect his masters and his business interest, then reorganize to create what was at the time dubbed "The New No Limit".

50 Cent's "woe" is very similar, he was hit with a lawsuit over SMS and also from Rick Ross' baby mother - who was not able to prosecute him in a criminal court but was able to get something out of it in a civil court. Like most wealthy people on Earth, 50 Cent's net worth is likely derived from his interests in his businesses - Frigo, Effen Vodka, SMS Audio, Thisis50.com, Cheetah Vision, G-Unit records, his memorabilia company, Uber, Street King, G-Unit books along with his music career etc. If he did not file for chapter 11, those stakes may have been liquidated to pay his creditors. In chapter 11, 50 Cent can renegotiate what he has to pay creditors who according to reports range from 1-49 (this doesn't mean there are 49 creditors). The estimated $22 million 50 Cent has to pay can easily be reduced to much lower than that under chapter 11 guidelines. Some lawsuits can be thrown out depending on what it is. I would suspect 50 Cent's advisors have likely told him this which is his choice for chapter 11.

Overall, chapter 11 is very common in the corporate world and is often done to preserve the liquidation of one's assets/interests to pay creditors. It is done as a way to renegotiate using the laws to protect you. These are gems we can all use to our advantage. Rather than being on the end of it, black people can co-operate with it and use it to benefit them in certain circumstances. 50 Cent, Master P, Donald Trump were all prime examples of this. The media has a way of eschewing the details and retaining the real information. Now you understand 50 Cent's bankruptcy. Below is an article to TIME magazine's blog where they also clarify.
http://time.com/3958254/50-cent-bankruptcy-chapter-11-insolvent-not-broke/

I'm gonna call you BloombergSion from now on.

GOAT

 

[veikuri]

 

[PMoneyQueenz]

50's mouth is going to get him in trouble in this BK. He was smart to do it but better keep quiet or he could end up going to jail. These crackas are going to watch his every move

 

[PMoneyQueenz]

That mansion is cursedhttp://www.boston.com/news/local/co...cticut-home/tiFfvvHqWza63h6b9u1oAJ/story.html

 

[Sweat jones]

A few years from now Effen Vodka will be worth a few hundred mill. Power will be even more successful and SMS audio will continue to sell well. Not to mention SK energy shots and Frigo...

50 could make a $100 mill by then. He will be back

50 doesnt own effen vodka, nor does he own sms audio because its prob not his money and as for the power show he has to pay the actors, production and who knows what if he actually owns it which he prob doesnt.

He is just the face.

When are you gonna wake up show business is not real. He is a celebrity and a fading one.

He tried to go independent with the music and failed because obviously he needs to do his own thing.

He tried to do the boxing thing and use floyd and floyd smartened up. That failed too.

All these forbes lists are bullshit.

He filed for bankruptcy because he cant pay his debts its as simple as that....

He is in trouble and his shit is crumbling.

It happens to all musicians and actors at some point.

Look to history.

You're naive or dense

Everybody pretty much gets he doing this for strategy and you Jst typed this big dumb essay for no reason dummy

And ur sensitive cos your hero is bankrupt.

Dense.... Do u even know what that means

 

[Ear2DaSt]

FREE K.B.

 

[moyo]

I don't think anyone is stupid enough to think that 50 is broke, and most understand the process of bankruptcy. The only point most of us are making is that the shit funny because 50 has spent the last decade plus clowning folks and throwin his money up in folks faces. So for this to happen to him after all that is really ironic and karmic.

 

[Screwtape]

I don't think anyone is stupid enough to think that 50 is broke, and most understand the process of bankruptcy. The only point most of us are making is that the shit funny because 50 has spent the last decade plus clowning folks and throwin his money up in folks faces. So for this to happen to him after all that is really ironic and karmic.

exactly. He likely wont go broke, but considering he made a career out of (what I consider mostly garbage) music with shallow lyrics bragging about his wealth..

well the fact he is now claiming bankruptcy (in whatever sense) is completely fuckin hilarious to me.

and hes getting off lightly tbh, he should have been shot for polluting the airwaves with tracks such as candy shop and just a lil bit and fuck knows how many other abortions he released

bankruptcy >>>>> being shot because your music was awful

 

[Figo]

this nigga

 

[DNB1]

Bankruptcy Judge Rules That 50 Cent Is Still Responsible For Paying Rick Ross’ Baby Mama Punitive Damages

“Broke” rapper 50 Cent will still have to pay Rick Ross’ baby mama punitive damages on top of the $5 million she’s already entitled to for leaking her sex tape.

Despite filing for bankruptcy earlier this week, a judge Friday ruled that the “In Da Club” rapper is still liable for whatever amount a jury decides is enough to punish him for leaking a sex video featuring Rick Ross’ daughter’s mother, BOSSIP can reveal.

The judge made the ruling July 17 in U.S. Bankruptcy Court in Hartford, Ct., after Lastonia Leviston asked a judge to halt 50’s bankruptcy and not let him off the hook for punitive damages – money designed to punish 50 for humiliating Leviston. A jury will deliberate on the exact amount beginning July 20—and Leviston could be in the line for more millions.

A jury awarded Leviston $5 million this month in the sex tape case, and was expected to award millions more in punitive damages, until 50 Cent filed for bankruptcy.

50 – real name Curtis Jackson—argued in court papers that if he’s forced to pay Leviston, it would mess up his bankruptcy, jeopardize his ability to pay his other creditors and force him to sue Leviston to appeal it.

Uh oh...

 

[Screwtape]

maybe if he apologises they will let him pay back just a lil bit

 

[gee757]

Bankruptcy Judge Rules That 50 Cent Is Still Responsible For Paying Rick Ross’ Baby Mama Punitive Damages

“Broke” rapper 50 Cent will still have to pay Rick Ross’ baby mama punitive damages on top of the $5 million she’s already entitled to for leaking her sex tape.

Despite filing for bankruptcy earlier this week, a judge Friday ruled that the “In Da Club” rapper is still liable for whatever amount a jury decides is enough to punish him for leaking a sex video featuring Rick Ross’ daughter’s mother, BOSSIP can reveal.

The judge made the ruling July 17 in U.S. Bankruptcy Court in Hartford, Ct., after Lastonia Leviston asked a judge to halt 50’s bankruptcy and not let him off the hook for punitive damages – money designed to punish 50 for humiliating Leviston. A jury will deliberate on the exact amount beginning July 20—and Leviston could be in the line for more millions.

A jury awarded Leviston $5 million this month in the sex tape case, and was expected to award millions more in punitive damages, until 50 Cent filed for bankruptcy.

50 – real name Curtis Jackson—argued in court papers that if he’s forced to pay Leviston, it would mess up his bankruptcy, jeopardize his ability to pay his other creditors and force him to sue Leviston to appeal it.

Uh oh...

 

[MR.CJ]

Judge Allows Sex-Tape Case Against 50 Cent to Proceed

A federal judge in Connecticut has ruled that a lawsuit over a sex tape can proceed against rapper 50 Cent, despite his bankruptcy filing.

A New York jury awarded Lastonia Leviston $5 million last week after determining the rapper, whose real name is Curtis Jackson III, didn't have her permission when he posted online a sexually explicit video she made with her boyfriend.

The jury was to consider punitive damages Monday, but Jackson filed for bankruptcy that day in Connecticut, temporarily stalling Leviston's lawsuit.

Her lawyer alleged Jackson filed for bankruptcy to evade testifying in the New York case.

A lawyer for Jackson didn't immediately return a message seeking comment on the judge's ruling Friday.

Leviston's attorney, Philip Freidin, tells The Hartford Courant (http://cour.at/1gFrVSH ) he's pleased the New York case will be resuming Monday.
http://abcnews.go.com/Entertainment/wireStory/judge-sex-tape-case-50-cent-proceed-32524361

 

[can'tyoutell]

lol damn. the ether just keeps rolling in. So lets look at the timeline of 50 cent dickrider sayings.

I told myself I wasn't gonna comment on this, but fuck it.

First it was the funniest ish ever when 50 cent released the sex tape and it was the death blow to Rick Ross, right?

Then we heard she might sue and you faggots said that it wouldn't even go to trial, right?

Then it went to trial and you faggots said she wouldn't win, right?

If she won, 50 cent could handle it, cause it's chump change, right?

50 cent has 400 million dollars, right?

Bankruptcy was a smart move and he won't have to pay, right?

Take this L, bitches. That shit was what you guys held up to be a great diss to Rick Ross? Was it worth it? 5 million awarded to her, plus punitive damages in the millions? God damn, they shitted on that nigga. I knew that he was gonna lose the suit, but I didn't know they were going to bend him over and go in dry.

Man...I need someone comment on this. Hey Dave, you know anybody that got something to say?

 

[MECCA1000]

Yeah this ether right here ..... damage might be another 5M's .... maybe 10 ... shit still gonna burn his soul slow

I'm really hoping somebody put it in a rap ..... probably gonna be some nice battle rap bars coming

 

[supergangster]

LLOYD BANKS top 15 DOA

 

[I Self Lord & Master]

Watch khaleds mom.file.a suit

Might.as well, the floodgates are lookin open

 

[Stiff]

50 Cent Reportedly Owes Over $28 Million

50 Cent’s grandfather, Rick Ross’ baby mother, and Sleek Audio among those 50 Cent owes money to.

In the wake of the lawsuit filed against 50 Cent by Lastonia Leviston, the mother of Rick Ross’ child, the Queens, New York rapper’s financial records have continuously been made public.

Following news that 50 Cent was filing for bankruptcy, it’s now being reported that he owes nearly $30 million. According to the New York Daily News, the musician put all of his personal debts on the table in a federal Bankruptcy Court filing yesterday (July 16).

The filing reveals that 50 Cent owes $28,478,920.75.

Among the creditors 50 owes the most money to is Sleek Audio and Lastonia Leviston. Both parties filed lawsuits against the rapper, with Sleek Audio owed $18,428,257 by 50 Cent, and Leviston owed $5 million.

50 Cent’s other personal debts include $1,737.33 owed to his grandfather, $137,880 owed to Bentley for a car he leases, and $1 million in legal fees.

According to the New York Daily News, 50 Cent’s assets do not exceed $15 million.

The $5 million 50 Cent owes to Leviston serves as his most recent personal debt. Last week, he was ordered to pay Leviston millions after he allegedly posted a sex tape featuring the woman on his website. The $5 million will cover damages and intentional affliction of emotional distress.

I find the bolded hard to believe