50 Cent bankruptcy proceedings say that the "In da Club" singer can no longer pay $500,000 debt his boxing promotion company, SMS owes. 50 Cent or Curtis James Jackson III in real life claims that he owes a total amount of $10 million to $50 million to his creditors.
50 Cent filed Chapter 11 bankruptcy that according to CNN is usually used by corporations for restructuring in the time of debt. In this case, the rapper was reported as the only "debtor" in the case. The filing of bankruptcy claims in July happened the same day he faced a lawsuit filed by Lastonia Leviston on alleged sex tape he posted in the internet in 2009.
"50 Cent filed for bankruptcy 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," a Brewer Attorneys & Counselors spokesperson for 50 Cent said.
The Manhattan court has made rulings that the Grammy-Award winning rapper pay $5 million for Leviston, 36, for violation of her civil rights and inflicting emotional distress. As the case is being heard in the coming weeks, more charges are expected to be inflicted to the rapper.
50 Cent net worth is estimated to $150 million. He sold 22 million albums and is the present CEO of G-Unit records music recording company. Apart from his music stints, the rapper is also engaged in numbers of signature products including Effen vodka and a branded sneaker line.
The rapper posted a risqué video of Leviston of her then-boyfriend Maurice Murray on his website in 2009 garnering over 4 million views, according to Page Six. Apparently, the rapper also known as Fitty posted the video after learning that it was okay with Leviston.
However, the allegations were slammed by Leviston's camp saying that he didn't ask for her permission to post the racy video. According to her lawyers, he used the sex tape to ridicule Rick Ross, who at that time was his rival. The sex tape was also used by Fitty to draw a lot of viewers to his website, New York Daily News reports.
50 Cent Bankruptcy proceedings update comes on the heels when the bankrupt claiming he's penniless has been posting Instagram announcement for his 40th birthday in California in July.
Do you think 50 Cents is really bankrupt? The "Candy Shop" rapper news follows after he had been seen making lucrative engagements with various companies. He also recently closed a deal with Coca Cola after the soda company purchased his $100 million share at VitaminWater.
Join the Conversation