Written By: Anoa Bayete
Stay Rich…Die Trying
What do Mark Twain, TLC, Larry King, Kim Basinger, Burt Reynolds and … rapper 50 Cent all have in common? You know… aside from being highly paid, highly praised and highly profiled celebrities. Well, a little thing, rather a little number, called Chapter 11.
The Media Mogul, 50 Cent, has filed for Bankruptcy Protection on Monday. According to court papers filed in Connecticut and reports from The Wall Street Journal, The businessman and actor has assets and debts in the range of $10 million to $50 million.
Chapter 11 is a system that allows companies such as Macys, Bloomingdales, Chuck E Cheese and Delta Airlines, time to re- organize their fiances while protecting them from creditors demands.
On average, bankruptcy cases filed in federal courts total up to $1, 038, 280 per fiscal year.
This motion comes just days after the Grammy Award winning entertainer was ruled to pay $5 million to a woman, from a 2009 defamation case. The woman, Lavonia Leviston, so happens to be a baby mama to the rapper, Rick Ross.
Leviston sued 50 cent, whose real name is Curtis Jackson, after he leaked a sex tape of her online six years ago. Leviston received a whopping $2.5 million for each damage, citing, “emotional distress”, as well as, ” violation of civil rights.
This too, comes, only months, after Forbes estimated Mr. Jackson’s net worth to be $155 m.
We don’t have to worry about 50 though. According to a lawyer of the Vitamin Water stakes man, his clients business operations would continue.
William Brewer III says, ” Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pending of the Chapter 11 case.”
That’s good to hear.