Rapper 50 Cent files for bankruptcy

13 Jul 2015 | Author: | No comments yet »

50 Cent Files for Bankruptcy.

HARTFORD, Conn. (AP) — The rapper and actor known as 50 Cent has filed for federal bankruptcy protection, days after a jury ordered him to pay $5 million in an invasion-of-privacy lawsuit.The rapper, known for songs such as “Candy Shop” and “That Ain’t Gangsta”, reported both assets and debts of $10 million-$50 million. (http://1.usa.gov/1JdVFN8) His lawyers contended that if his boxing promotion company was bankrupt, and he was the primary owner, then he was protected from lawsuits under bankruptcy law. The impressive ranking came despite the ‘Get Rich or Die Tryin’ actor being ordered to pay more than $17.2 million in 2014 to Sleek Audio who claimed the rapper stole its design and tried to market it on its own, TMZ reports.

Brewer III says 50 Cent and his legal team are ‘disappointed in the verdict but very appreciative of the service of the jury and the court.’ 50 Cent got the 2008 tape from the man in it, Leviston’s boyfriend at the time. Jackson’s estimated net worth—due mostly to a famous Vitaminwater sponsorship deal that netted him half a billion dollars when the company was sold to Pepsi—is far higher at $155 million, according to Forbes. The Pimpin’ Curly character was just ‘joking’ by referring to Leviston as a ‘porn star,’ 50 Cent said during sworn pre-trial questioning that was played for the jury, according to news reports.

The jury is reportedly set to deliberate on awarding additional damages to Lastonia Leviston, his adversary in court, beyond the $5 million already ordered. Other moves were less successful: a clothing line has since shuttered, a headphones debacle resulted in a multi-million dollar lawsuit, and a vodka partnership failed to generate significant buzz on liquor shelves. 50 Cent is still trying to make waves in the audio world, as Fortune previously reported. The sex tape case dates back to 2009, when 50 Cent allegedly obtained the tape as part of his feud with rapper Rick Ross, who was not featured in the tape but has a daughter with Leviston.

Now 40, he’s also a businessman — his interests have ranged from mining to water drinks — and an actor whose credits include the Starz network action series ‘Power’ and the upcoming boxing movie ‘Southpaw.’ The rapper’s latest albums have sold poorly and he has even developed a sideline business as a life coach, according to GQ. “Conflict is what he knows,” the magazine wrote. “No one in rap has used it more to his advantage.”

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