50 Cent Ordered to Pay $23 Million USD to Close His Bankruptcy Case
“I’m tired of being broke!”
50 Cent‘s bankruptcy case has officially been signed off, with a judge ordering the rapper to shell out $23 million USD to his creditors over the next five years. ”Mr. Jackson is pleased that the Bankruptcy Court approved his plan of reorganization today, less than one year after filing for chapter 11 to reorganize his financial affairs,” announced 50’s lawyer; “Mr. Jackson’s plan of reorganization received overwhelming support from his creditors and was confirmed without objection. The consensual plan resolves all of his creditors’ claims and was the product of Mr. Jackson’s good faith negotiations with his creditors and their confidence in his future prospects. Mr. Jackson appreciates the fresh start this process provides and looks forward to continued success in his personal and professional pursuits.”
50’s financial shortcomings are mostly due to a hefty $17 million USD debt owed to audio accessories company Sleek Audio, but the rapper born Curtis James Jackson III first filed for bankruptcy in 2015 after losing to Lastonia Leviston in a privacy lawsuit. Leviston, an ex-girlfriend and baby mama of Rick Ross, sued 50 after he uploaded a private sex tape of Leviston without her permission that included his own narration, shaming her for being a “slut” with stretch marks, among others. The court ruling ordered 50 to pay Leviston $6 million USD in damages. It’s interesting to note that filing for chapter 11 bankruptcy can allow an individual to pay debts in alternative ways through heavy reorganization rather than an upfront payment — a notion that lead many to believe the voluntary petition was the rapper’s best way out were his funds to be tied up in other projects. You can check out a breakdown of 50’s assets and expenditures here.
In other news, 50 is set to host a new A&E sketch comedy titled 50 Cent Presents, and will also be playing himself in My Friend 50, an upcoming comedy TV series that follows fictional character Amanda Kramer, a young 20-something year old woman who joins 50 Cent’s entourage.
