50 Cent Files for Bankruptcy
On Monday, it was reported that the famous rapper Curtis James Jackson III, also known as 50 Cent, filed for bankruptcy.
The official processing of the filing took place in Connecticut Bankruptcy Court. The official documents revealed that 50 Cent's listed assets and debts have ranged between $10 million and $50 million, reported by CNBC.
Jackson's attorney made a statement regarding the filing and said: "This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various interests and continue his work as an entertainer while he pursues an orderly reorganization of his financial affairs," Cnbc reported.
Besides the income from his professional pursuits as a rapper, he had numerous high-earning interactions with different companies over the years. He made $100 million in 2007, after taxes, when Coca-Cola bought out the company VitaminWater, which Jackson had stakes in. Forbes magazine had estimated his net worth as more than $155 million in the past.
Although the word bankruptcy might suggest otherwise, an attorney at Bayer Wishman & Leotta told CNBC that it does not necessarily mean that the rapper has no money left, but rather he does not have good "cash flow." More details are expected to be surfaced within the next 14 days.
Nevertheless, the timing of the rapper's bankruptcy announcement is quite noteworthy. Only few days earlier, the rapper had been sentenced to pay $5 million to the woman who sued him for posting a sex tape without her permission.
It is not quite sure if the rapper intentionally filed for bankruptcy, to avoid paying the full amount to the woman who won her case. But CNBC noted that filing for bankruptcy might increase the likelihood of getting a better deal out of the lawsuit, since the suing party acknowledges that the payment won't be taking place so soon.
