How could this be happening?! 50 Cent, arguably one of the smartest guys out there when it comes to handling his money (and arguably one of the richest guys out there) is having some money trouble. What kinda money trouble? Well, 50 filed for bankruptcy on Monday. It’s unlikely that he’s TOTALLY broke, but given the millions of dollars he’s lost in lawsuits over the past few months, he’s gotta do something because he’s literally hemorrhaging money.
The 40-year-old rapper, Curtis James Jackson III, filed for chapter 11 protection in the U.S. Bankruptcy Court in Hartford, Conn., on Monday, the same day he was supposed to appear in a New York state court to determine whether he owes punitive damages in a 2010 lawsuit filed by Lastonia Leviston, rapper Rick Ross’s ex-girlfriend, court records show.
Jurors said last week that Mr. Jackson should pay $5 million to Ms. Leviston, who said that Mr. Jackson violated her privacy by posting a sex tape of her online. Mr. Jackson’s lawyers dispute the amount of the verdict.
The skeletal, five-page bankruptcy petition didn’t reference the lawsuit. Generally, filing for bankruptcy protection halts lawsuits and collection efforts.
“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,” said William A. Brewer III, his lawyer, in a statement. Lawyers didn’t explain how he plans to use bankruptcy protection to get a fresh start.
Mr. Jackson estimates that his assets and debts, which were not itemized, are worth between $10 million and $50 million, court papers said.
So basically, when a rich person declares bankruptcy, not much changes? It sounds to me like it just means people can’t get money out of him but he can continue his current lifestyle. How in the hell does that work out? Come on, lawyers of Evil Beet, explain it to me.
I always thought he was rich as shit because of his stake in Vitamin Water, which apparently made him, like, between $40 and $100 million. Of course, that kinda money doesn’t last forever when you spend recklessly, but I’m a little confused by this whole thing!