Is 50 Cent Broke? He can't be, right? He was just in the Forbes Magazine for being worth $150 million. Well, he is also currently in the news for filing bankruptcy. Hmm! Before i continue this post, I think I should put up this bankruptcy news info.
Below is a statement from 50 Cent's lawyer...
"The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests. Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case. This filing for personal bankruptcy protection permits Mr. 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" - William A. Brewer III, partner at Brewer, Attorneys & Counselors, and counsel to Mr. Jackson. (Billboard.com)
This is an official statement by 50 Cent's lawyer, so this is no gossip, this is fact; 50 Cent is having money problems. But is he broke? Maybe not. He actually made this move to stop from going broke. Most of his business recently have not been very successful...Cheetah Vision, SMS Audio, his music career, etc, and he is owing most of the people that invested in his businesses. He currently lost a suit against him by Rick Ross's baby mama (in regards to a sex-tape of the lady 50 Cent released to the public in 2009 to spite Rick Ross), and has to pay her $5 million. If all these people come at him at the same time, they will tie him apart, so his lawyer must have advised on filing bankruptcy right now, delaying the payment of his debts. and giving him time to put his finances in order
Below is a statement from 50 Cent's lawyer...
"The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests. Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case. This filing for personal bankruptcy protection permits Mr. 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" - William A. Brewer III, partner at Brewer, Attorneys & Counselors, and counsel to Mr. Jackson. (Billboard.com)
This is an official statement by 50 Cent's lawyer, so this is no gossip, this is fact; 50 Cent is having money problems. But is he broke? Maybe not. He actually made this move to stop from going broke. Most of his business recently have not been very successful...Cheetah Vision, SMS Audio, his music career, etc, and he is owing most of the people that invested in his businesses. He currently lost a suit against him by Rick Ross's baby mama (in regards to a sex-tape of the lady 50 Cent released to the public in 2009 to spite Rick Ross), and has to pay her $5 million. If all these people come at him at the same time, they will tie him apart, so his lawyer must have advised on filing bankruptcy right now, delaying the payment of his debts. and giving him time to put his finances in order
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