Aliya Drake | Staff Writer
Curtis Jackson III, better known as “50 Cent”, filed for Chapter 11 bankruptcy Monday. This came as a huge shock to the public because Jackson is one of the most wealthiest rappers in the world with a net worth of $155 million.
Jackson made about $100 million in 2007 after Coca-Cola bought Vitamin Water from the rapper. He also still owns a majority stake in SMS Audio, the highest competitor with Beats by Dre. In his more recent business endeavors, in 2014 he earned $78 million after closing his deal with FRIGO Revolution Wear promoting mens underwear.
Jackson decided to file for bankruptcy after he was ordered to pay $5 million to Lastonia Leviston, mother of Rick Ross’ daughter. This claim came from a home made sex tape with Leviston and her boyfriend that was released without her permission by Jackson with him as a rude commentator in a wig making inappropriate remarks about Leviston and rap rival Ross.
The sex tape was given to Jackson by the boyfriend in the video who also told Jackson that Leviston would not mind if the video was posted. This statement was proven untrue when Leviston decided to sue Jackson for a whopping $5 million, and won the case last Friday.
Leon Bayer, a bankruptcy attorney at Bayer Wishman & Leotta said, “Chapter 11 is the drug of choice for celebrity debt problems,” he said. “You don’t have to be broke to file for chapter 11, but it could mean you don’t have good cash flow.” Individuals who file for Chapter 11 bankruptcy are usually for people looking to reorganize their debts. Although filling will not erase his debt, but it will give Jackson more time to set up a payment plan and pay judgments.
Although Jackson’s attorney is still unavailable to speak on the filings, Jackson told ENews, “The filing does stop things from moving forward that you don’t want moving forward. It tells them they aren’t going to get a check anytime soon, so why not sit back down at the negotiating table.”
Jackson’s personal expenses, financial status, and salary drawn for himself will be facing the approval of the bankruptcy court following his filing. “When he files schedules it’s going to show all the details of his debts, assets, even whether or not he paid his gardener on time,” Bayer said.
The question that the public still wants to know is, is 50 cent really broke? “By all accounts, he does not appear to be a celebrity who is in financial distress,” says Theodore Connolly, a bankruptcy attorney in Boston and co-author of “The Road Out of Debt: Bankruptcy and Other Solutions to Your Financial Problems.”
Jackson makes a mockery of the bankruptcy filling by posting a picture of himself on his Instagram with a three-piece tailored suit in front of a blue Smart Car with a caption that reads, “Times are hard out here LMAO.”