50 Cent files for Chapter 11 bankruptcy after verdict in sex-tape lawsuit
http://www.latimes.com/entertainmen...ent-bankruptcy-chapter-11-20150713-story.html
Rapper 50 Cent's "P.I.M.P." days just hit another snag -- he's filed for Chapter 11 bankruptcy.
In the Monday filing, Curtis James Jackson III filed for individual bankruptcy protection in Connecticut's U.S. Bankruptcy Court and listed primarily consumer debts that total between $10 million and $50 million, according to court documents obtained by the Los Angeles Times.
Jackson's forms, which were filed the same day a jury was to decide punitive damages in his high-profile revenge-porn case, also said he has $10 million to $50 million in assets.
Because of the bankruptcy filing, the 40-year-old did not appear in a New York court Monday to testify about his finances, his attorney William A. Brewer II told the Associated Press, adding that his client's business interests "will continue unaffected in the ordinary course" during the Chapter 11 case.
The filing will allow the Grammy winner to reorganize and refinance his expenses to prevent insolvency. Brewer said the filing allows him to carry on with his various business interests and continue his work as an entertainer.
At a Monday press junket for his forthcoming film "Southpaw," the rapper told E! News that he's just "taking the precautions that any other good businessperson would take in this situation," noting that the filing "does stop things from moving forward that you don't want to move forward."
"You know when you're successful and stuff, you become a target. I don't wanna be a bull's eye," he said.
-------------------------------------
Maybe he needs a new name?
-50 Cent
The Black Trump
11th Chapter
http://www.latimes.com/entertainmen...ent-bankruptcy-chapter-11-20150713-story.html
Rapper 50 Cent's "P.I.M.P." days just hit another snag -- he's filed for Chapter 11 bankruptcy.
In the Monday filing, Curtis James Jackson III filed for individual bankruptcy protection in Connecticut's U.S. Bankruptcy Court and listed primarily consumer debts that total between $10 million and $50 million, according to court documents obtained by the Los Angeles Times.
Jackson's forms, which were filed the same day a jury was to decide punitive damages in his high-profile revenge-porn case, also said he has $10 million to $50 million in assets.
Because of the bankruptcy filing, the 40-year-old did not appear in a New York court Monday to testify about his finances, his attorney William A. Brewer II told the Associated Press, adding that his client's business interests "will continue unaffected in the ordinary course" during the Chapter 11 case.
The filing will allow the Grammy winner to reorganize and refinance his expenses to prevent insolvency. Brewer said the filing allows him to carry on with his various business interests and continue his work as an entertainer.
At a Monday press junket for his forthcoming film "Southpaw," the rapper told E! News that he's just "taking the precautions that any other good businessperson would take in this situation," noting that the filing "does stop things from moving forward that you don't want to move forward."
"You know when you're successful and stuff, you become a target. I don't wanna be a bull's eye," he said.
-------------------------------------
Maybe he needs a new name?
-50 Cent
The Black Trump
11th Chapter
