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Summary: This week, a judge discharged 50 Cent’s Chapter 11 bankruptcy case.
50 Cent may be a P.I.M.P. in the rap world, but now he’s $22 million poorer.
On Thursday, a federal judge discharged the In Da Club rapper’s Chapter 11 bankruptcy case. 50 Cent, real name Curtis Jackson III, paid $22 million to settle his $36 million debt; and bankruptcy Judge Ann Nevins approved the transaction.
In 2003, 50 Cent emerged in the public eye with his debut album “Get Rich or Die Tryin,”‘ which sold 12 million copies. The rapper filed for bankruptcy in 2015, and the move was a shock considering he often rapped and boasted about how much money he had.
During his bankruptcy proceeding, 50 Cent had to admit in court that his money bragging was all an act. After he filed for Chapter 11, 50 Cent posted a picture on Instagram with stacks of cash that spelled out the word “broke.” Lawyers in the case asked him how he got that money if he needed to file bankruptcy.
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“The cash depicted in the social media postings is not real,” his lawyers said. “The postings, which among other things, make use of stage or prop money, are part of the debtor’s routine social media marketing activities and relate directly to the debtor’s various business interests. Prop money is routinely used in the entertainment industry, including in movies, television shows, videos and social media postings.”
Last year, Judge Nevins proposed a payment plan for 50 Cent, and according to The Guardian, he paid five years early thanks to a legal malpractice lawsuit he had won. He used that money to pay back $13.65 million of the debt he owed, and the rest he paid from his own account.
One famous debt 50 Cent owed was to Lastonia Leviston. After an intense legal battle, he was ordered to pay her $6 million after illegally obtaining and posting online a video of her having sex with her boyfriend.
Photo courtesy of CNN
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What do you think of 50 Cent and his bankruptcy? Let us know in the comments below.
