50 Cent files for Bankruptcy

On Monday (July 13) Curtis Jackson lll, better known as 50 Cent filed for chapter 11 Bankruptcy protection.

The Wall Street Journal reports on the stars large amount of debt “In court papers filed in the US Bankruptcy Court in Hartford, Conn., Mr. Jackson reported assets and debts each in the range of $10 million to $50 million,”.

This comes a mere three days after the rapper turned actor was ordered to pay $5 million to Lastonia Leviston, after  posting a sextape of her online (allegedly to embarrass her ex-boyfriend Rick Ross).

Jackson’s attorney explained 50 ‘s decision to The Hollywood Reporter “The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests. Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case. 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.”

The Hollywood Reporter further explained “The chapter 11 filing allows him to reorganize his business interests, as opposed to a chapter 7 bankruptcy filing, which would mean liquidation of his assets.”

The bankruptcy is shocking enough on its own, but when you consider the small fortune he made with his minority stake in Vitamin Water (which Coca Cola went on to acquire for the small price of $4.1 billion) it’s hard to believe that he could find himself in this position.

He wasn’t just slightly well off. No. Forbes ranked him no.4 on their list of wealthiest hip hop artists, estimating his net worth to be $155 million.

Poor 50. Oh how the mighty fall.

Written by CelebMix