Rapper 50 Cent seeks protection by filing for bankruptcy in Connecticut
Curtis James Jackson III, also called 50 Cent filed for bankruptcy on Monday in Hartford, Connecticut court. The rapper is seeking for Chapter 11 bankruptcy protection. According to documents that his attorney filed, the rap artist owes his creditors between $10m and $50m- http://money.cnn.com/2015/07/13/news/fifty-Cent-bankruptcy/index.html (follow the link for more information).
50 Cent made this move just three days since he was required by a jury to pay $5 million to Lavonia Leviston. The jury ordered him to make the payment after the determination of a case in which 50 Cent was accused of intentionally acquiring an X-rated video of the lady and her boyfriend and posting it online without her permission.
50 Cent got the video tape from Leviston’s boyfriend who is also in it. According to the rapper, he did not post that video but the boyfriend of Leviston at that time said he did not mind if the video was posted online.
The rapper is accused of going further to add himself as a commentator. He is alleged to have done this just to embarrass Rick Ross, his rival rapper who had a child with this lady- http://www.mirror.co.uk/3am/celebrity-news/50-Cent-declares-himself-bankrupt-6060458 (follow the link for more information). Further deliberations on that case will continue and additional charges could be imposed on the rapper.
Currently, the rapper lives in Farmington. This is an estate in Connecticut that he bought for $4.1 million from Mike Tyson in 2003. Usually, Chapter 11 refers to a filing that corporations use to restructure their business when facing a crippling debt. In this case, 50 Cent is a sole debtor.
James Berman from Zeisler & Zeisler, P.C law firm is the lawyer in this case. According to the spokesperson of the law firm that is representing 50 Cent, the rapper made this move to continue involving himself in his business interests as well as his entertaining job while reorganizing his finances. The debts that were listed in the court put the rapper into the Chapter 11 category directly.
Chapter 11 bankruptcy means reorganization of one’s or corporation’s debts and assets. By filing for bankruptcy, 50 Cent will have time to repay the $5 million damages to Lavonia Leviston because this might stop the jury from continuing his trials. During the proceedings of this civil case, 50 Cent did not testify.
Meanwhile, his business interests continue unaffected by Chapter 11 case pendency. According to Travis Carter, the spokesperson, the filing is a short term relief since it allows the rapper to involve in different business interests. 50 Cent has sold over 22 million albums. He is also a music label, G-Unit Records’ CEO. He is also behind various commercial products that include EFFEN, a vodka brand and a luxury line of sneakers.
From 2003 to 2008, 50 Cent was among the biggest stars in the global music industry. However, his sales have been declining since then. A decade after releasing his first 2 albums, their sales reached 13 million copies in the U.S alone. The Animal Ambition released in 2014, sold about 124,000 copies in his home- http://www.stuff.co.nz/the-press/entertainment/gossip/70206842/Rapper-50-Cent-files-for-bankruptcy-protection-in-Connecticut (follow the link for more information).