Rapper 50 Cent Files for Bankruptcy in Wake of Sex Tape Award

13 Jul 2015 | Author: | No comments yet »

50 Cent files for bankruptcy amid $5 million sex-tape trial.

Curtis ’50 Cent’ Jackson attends the ‘Power’ season two premiere event with a special performance from 50 Cent, G-Unit and other guests on June 2, 2015 in New York City. (credit: Jamie McCarthy/Getty Images for Starz) NEW YORK (CBSNewYork/AP) – 50 Cent, the rapper famous in part for videos depicting his lavish lifestyle, sought Chapter 11 bankruptcy protection in court filings Monday.

That’s what he’s claiming in a new personal bankruptcy case filed Monday as the entertainer, whose real name is Curtis Jackson III, was scheduled to testify in a $US5 million ($6.7 million) sex tape trial.Rapper and business mogul 50 Cent has filed for bankruptcy, a stunning financial turn considering his estimated net worth had been pegged at $155 million as recently as May. According to court papers filed in Hartford, Conn., Curtis James Jackson III, a.k.a. 50 Cent, lists his assets and liabilities as between $10 and $50 million. The filing comes just days after a jury ordered the rapper-actor 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. The six jurors found that Jackson, as part of his rap beef with rival Rick Ross, posted a private sex video featuring Ross’ baby mama online to millions of viewers.

It’s important to note that Trump filed for “corporate bankruptcy” which is different from “personal bankruptcy,” so he was able to emerge from the scandals financially unscathed. (QMI AGENCY files) Marvin Gaye. Manhattan jurors were set to continue deliberating this week on possible further, punitive damages in Lastonia Leviston’s invasion-of-privacy lawsuit against the multiplatinum-selling “Get Rich or Die Tryin”‘ artist.

He was a pop star with No. 1 hits on the charts, but by the late ‘70s, Marvin Gaye was living in a bread van and had to file for bankruptcy. (Handout) MC Hammer. 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.” Leviston’s lawyer, Philip Freidin, declined to comment on the award. 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. MC Hammer never thought the world would ever tire of his balloon pants – so he spent money on a lavish lifestyle he couldn’t possibly maintain while his records sales plummeted.

At the time the video surfaced, Ross and 50 Cent were trading barbs via video, lyrics and interviews. 50 Cent got the 2008 tape from the man in it, Leviston’s boyfriend at the time. The rapper and his lawyers said that 50 Cent didn’t actually post the video but that Leviston’s then-boyfriend said she wouldn’t mind if he did, and he thought that would suffice. The talk show host filed after his debts spiraled out of control and he was accused of stealing $5,000 from his business partner. (WENN.COM) Toni Braxton. 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. 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.” (TM and © Copyright 2015 CBS Radio Inc. and its relevant subsidiaries.

Whatever the case, Nelson owed the IRS $16. 7 million and released the album “The IRS Tapes: Who’ll Buy My Memories” to pay down the debt. (WENN.COM) Michael Jackson. The IRS weren’t fooling around either – they seized his belongings (including his baby grand piano) and showed up at concerts to take the ticket sales. (Handout) DMX.

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