50 Cent files for bankruptcy protection after losing lawsuit | News Entertainment

50 Cent files for bankruptcy protection after losing lawsuit

13 Jul 2015 | Author: | No comments yet »

50 Cent files for bankruptcy protection after losing lawsuit.

New York (CNNMoney) — Curtis James Jackson III, otherwise known as 50 Cent, filed for bankruptcy in a Hartford, Connecticut court on Monday (July 13). The rap artist is seeking Chapter 11 bankruptcy, and according to the documents filed by his attorney he owes between $10 million and $50 million to his creditors. It comes after a New York jury on Friday ordered Jackson to pay $5 million to a woman who said he acquired a video she made with her boyfriend, added himself as a crude commentator and posted it online without her permission. It lists his liabilities as in the region of $10 million to $50 million and his estimated assets in the same range. 50 Cent has sold more than 30 million albums worldwide and won a Grammy Award in 2010. The jury this week was scheduled to deliberate on possible further, punitive damages in Lastonia Leviston’s invasion-of-privacy lawsuit against Jackson.

Jackson to continue his involvement with various business interests and continue his work as an entertainer.” The lawsuit stems from a 13-minute video that appeared online in 2009, featuring a wig-wearing 50 Cent as a narrator dubbed Pimpin’ Curly. The rapper said that he didn’t actually post the video but that Leviston’s then-boyfriend said she wouldn’t mind if he did. 50 Cent burst to the fore of gangsta rap with 2003’s “Get Rich or Die Tryin,'” its lead single, “In Da Club,” and a tough life story that included having been shot nine times.

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