Wednesday, July 15, 2015

50 Cent Files for Bankruptcy, But He's Not Broke  
Everyone calm down.
Fitty, aka Ferrari F-50, is okay. He's not going to have to go back to slangin' crack in Jamaica Queens. He did the talk show circuit the other day and basically alludes to his bankruptcy filing as a business move.
50 Cent aka Curtis Jackson filed for Chapter 11 bankruptcy earlier this week after having to shell out $5million in a sex tape lawsuit. A jury recently awarded  Lavonia Leviston the cash after they determined the hip-hop star leaked a sex tape of her and another man.

50 tells  E! news:
I'm taking the precautions that any other good businessperson would take in this situation. You know when you're successful and stuff, you become a target. I don't wanna be a bulls eye. I don't want anybody to pick me as the guy that they just come to with astronomical claims and go through all that."
"Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy," the hip-hop star continued to E! News. "It means you're reorganizing your finances, but it does stop things from moving forward that you don't want moving forward."
"I gotta descent legal team," he added. "You don't have to worry."

E! got the bankruptcy documents that says 50's  assets are valued between $10 million and $50 million and his liabilities are also between the same range. 50 also says the debts are primarily consumer debts and lists his estimated number of creditors as between 1 and 49.
50's attorney said in a statement Monday, "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."

So guys....he's not broke.

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