50 Cent’s Business Sense

18 Jul 2015 | Author: | No comments yet »

50 Cent Blames Bankruptcy on Expensive Lawsuits.

In an interview a few weeks ago, rapper Curtis “50 Cent” Jackson was candid about the usefulness of his tough-guy persona. “It prevents people from playing,” he said.As Bankruptcy Beat first reported, 50 Cent filed for bankruptcy in Connecticut the same day he was to appear in court over a sex-tape lawsuit filed by Lastonia Leviston, rapper Rick Ross’s ex-girlfriend. 50 Cent, whose real name is Curtis James Jackson III, took to Instagram to joke about his financial state in bankruptcy and later spoke with Conan O’Brien about the filing (h/t Business Insider). “You get a bull’s-eye painted on your back when you’re successful,” he told the comedian, adding that “you become the ideal person for lawsuits.” Bankruptcy Beat reported that in court papers filed Thursday night, the rapper and actor said his bankruptcy filing wasn’t because of too many expenses but that it was due to “substantial costs of litigation.” His lawyers said that although he has “substantial assets, he does not have the ability to pay the full amount” of the claims. “The debtor filed his Chapter 11 petition to obtain the full protections of the bankruptcy laws, including the benefit of the automatic stay, in order to reorganize his financial affairs in a reasonable and timely manner,” court papers noted. 50 Cent’s bankruptcy isn’t the only thing he’s concentrating on, though.

Forget the bottles of champagne, designer threads or jewels around his neck: Rapper 50 Cent says it’s not a lavish lifestyle that prompted this week’s bankruptcy filing. He is also making the rounds promoting his new boxing drama, “Southpaw,” and his Effen brand of vodka. “I’m not panicking,” he told Entertainment Tonight, adding that “I have faith in the court systems” and that he knows he needs to “just relax and go through the process.” He noted to Larry King that he wasn’t fazed by criticism over his bankruptcy and that it’s “a move that was necessary for me to make at this point.” The rapper’s chapter 11 filing Monday followed a May chapter 11 filing by 50 Cent’s boxing promotion company, SMS Promotions LLC. Jackson grew up in a rough neighborhood of the New York City borough of Queens, sold crack cocaine at age 12, and was shot nine times in front of his grandmother’s house at 24. Jackson lost a dispute over a broken business deal to develop headphones, prompting a judge to award a former partner more than $17.2 million in October, plus interest. (Court papers now peg the value of the award at $18.4 million.) More recently, a jury determined that he should pay $5 million to a woman who said Mr.

Later in the week, his lawyers explained in court documents that legal fees and judgments exceeding $20 million over the past year were the primary cause of the filing. 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.” On a seemingly calmer day three weeks ago, Mr. Jackson, 40, was leaning back on the couch in his midtown Manhattan office, wearing a form-fitting black T-shirt and a hat advertising “Power,” the television drama that he produced about a nightclub owner torn between his legitimate career and his dealings in the illegal drug world. Rap music echoed through his office, which is dotted with music awards and with posters of his films, music videos and corporate collaborations—including a new line of men’s underwear (up to $100 a pair) that he himself models in the ads.

The movie, which opens next weekend, is about a troubled former orphan who becomes a prizewinning fighter and has to rebuild his life after tragedy strikes. He advises “just being transparent, and being able to say to someone before they’re invested emotionally, ‘What exactly do you want?’ ” He sometimes tells women, “I’m not prepared to be in a relationship, so we could just be cool, [and] whatever you’re comfortable with, we do.” He bought his 50,000-square-foot mansion for $4.1 million in 2003 from the boxer Mike Tyson and, since then, has tried to sell it. Much of his wealth is estimated to come from one successful deal—a stake in Vitaminwater estimated to be valued at as much as $100 million when the company sold to Coca-Cola in 2007. He hopes that it provokes strong reactions. “If [listeners] don’t love it, I hope they like it,” he says. “If they don’t like it, I hope they hate it, because then at least they care.” And maybe, he says, they will get so angry they will tell someone else about it.

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