50 Cent was ranked as one of the richest rappers in the world, before a voluntary petition by a lawyer James Berman was filed seeking a Chapter 11 bankruptcy protection. Curtis James Jackson III, better known as 50 Cent now does not even have 50 cent with him to pay for the filing against him.
Rapper, producer, actor and entrepreneur, it seems insane that this news about his bankruptcy hit the market in July 12, 2015. The stories of 50 Cent going broke; how on earth could that happen? Ranked among the richest and most successful rappers in terms of earning, this news make me wonder for over 30 minutes, and I seriously searched for a lot of details about this issue. There is a serious story on this as you might expect.
50 Cent’s story of getting broke took us close to the feuds he had with his long-time rival Rick Ross; Lavonia Leviston to be exact. It was in 2009, that 50 Cent played a character called Pimpin Curly who made a sex tape that featured Leviston. No, Ross was not in the video, but the couple was already in a relationship by then with a daughter and they went on heated battles, including criticizing each other in their songs as well.
50 Cent’s character refers Leviston as a ‘porn star’ while also throwing out several insults, which surely could make any partner furious. To be exact, Leviston is not a porn star, nor is a part of the entertainment industry and it was completely 50 Cent’s fault. He had no connections with her, and destroying someone’s life that way is a crime to me.
Yes, there are people watching for those stuffs all the time on the internet, and there’s nothing that spreads faster than porn here. It’s completely illegal to film someone’s private life unless that someone wants to. Lavonia Leviston sued 50 Cent and won.
Curtis had to pay $5 million in fine for the case, $2.5 million for using her illicit images without permission and the same for giving her unneeded distress and troubles in life. Plus, the judge has the ability to file more fines against him which can be unlimited. He was asked to produce a detail accounting reports of his assets and net worth so that the jury could decide further on other fines that could be filed against him.
Forget the case of this suing for now. 50 Cent was also ordered to pay a whopping $17.5 million for selling the trade secrets of his former partner company Sleek Audio. He used the same trade secrets and technology to start his own brand of headphones that he named SMS Audio. This puts 50 Cent’s loss to $22.5 million already.
Is 50 Cent Broke?
Curtis James Jackson, III filed a case of bankruptcy evaluating his net worth including his assets to around $10 million to $50 million while also posing the same amount in debts. The assets include his home, an incredible 19 bedroom mansion, which be bought from Mike Tyson.
This is this, and that is that. 50 Cent’s finally broke, right? We can’t still bet on it but that’s what he has filed for through his lawyer. He might as well have a plan that’ll put the fines on negotiations and he might get to cut-short the millions of money that he need to pay. Also, 50 Cent might be prevented from additional awards for punitive damages that he might need to have paid for Leviston.
50 Cent has been provided 15 days to produce a details report about his assets and liabilities while he also can withdraw the case at any point in between. But that is surely not going to happen, right? But No. You don’t need to go bankrupt to file a case of bankruptcy.
For example, in 2009, General Motors filed a Chapter 11 bankruptcy and the company was able to bring all of its creditors on tables to negotiate and help the company survive. Things like this work perfectly well and the company reduced the debts to $17 million in no time from $94.7 billion.
50 Cent might have been inspired from that and there are chances that he is looking for the same. The stories will be out soon and things will come to light. Before today, we believed that 50 Cent owned over $200 million as he was listed at $160 million by Forbes, in 2015 (with tax paid).
And, the internet is going insane over the issue. If 50 Cent’s jokes on internet would make him 50 cent for one, he surely would be a millionaire in a day again. But sadly, that’s not going to happen.