https://mobile.twitter.com/IamAkade...2?ref_src=twsrc^google|twcamp^serp|twgr^tweet
50 Cent indirectly talked about his Bankruptcy filing in a recent interview. "You have to make strategic moves"
50 Cent Declares Bankruptcy AGAIN (total bullshit!)
- Thread starter Hotlantan
- Start date
https://mobile.twitter.com/IamAkade...2?ref_src=twsrc^google|twcamp^serp|twgr^tweet
50 Cent indirectly talked about his Bankruptcy filing in a recent interview. "You have to make strategic moves"
https://mobile.twitter.com/IamAkade...2?ref_src=twsrc^google|twcamp^serp|twgr^tweet
Im quite sure the lawyers playing chess and like the other bgol memeber said in ways you can hide money and i dont think it was a five minutes later "lets file bankruptzy." Im quite sure the lawyers were analyzing what if scenarios the lawyers had ample amount of time planning and you didnt see an emotionally mad fifty cent while he jokes about diddy and promote stuff.. and cause lets face it,we knew fifty would get hit hard financially and not win the case and lawyers can drag shit the time she get her money and i forgot that she has to pay her lawyers too this
.....
50 Cent indirectly talked about his Bankruptcy filing in a recent interview. "You have to make strategic moves"
https://mobile.twitter.com/IamAkade...2?ref_src=twsrc^google|twcamp^serp|twgr^tweet50 Cent Files for Bankruptcy Same Day He Was Going to Submit Financial Info to Jury
I think he's doing it for the same reason Hogan did it after his son caught that vehicular homicide case and he had to pay for it.
That being said I'm surprised Game hasn't done a freestyle about this yet.
That being said I'm surprised Game hasn't done a freestyle about this yet.
You're forgetting one thing: He did it. Her lawsuit has legs. If some guy did that to your mom or sister you would be right with her, cheering her on.
You guys get real moist in the panties when it comes to 50 Cent. Maybe because I'm not from NY, I don't understand but it trips me out.
Anyway, my point was not that his lawyers wouldn't be effective in moving/hiding his money but that he is going to take a loss for the move in the long run. When you file bankruptcy, you are almost literally put on a "shit list" by lenders and lots of others. A lot of rich peoples' wealth go hand-in-hand with credit and your shit is shot for some years after that when you file bankruptcy.
Donald Trump is a horrible comparison to 50 Cent. 50 is an entertainer. Donald was a business mogul from the start. He has a lot of powerful connections that 50 does not.
informative, I rememeber in late 80's-90s when everyone filed bankruptcy to avoid paying student loans. Wish I had back then. 
This should explain it in layman's terms.
"This filing buys him the time he wants/needs to pay his debts. He's not "bankrupt" in the typical usage of the term.
He's filing chapter 11 bankruptcy; this is not bankruptcy as most citizens know it. The bankruptcy that most people know is Chapter 7 bankruptcy (or chapter 13 under certain conditions) and is a total reset where you are left with no assets and no debts.
Chapter 11 bankruptcy is typically known as a "restructuring" bankruptcy. Given the lawsuits they quote in the article, I would assume he does not have immediate access to the liquid assets necessary to pay his immediate debts. This filing is to protect his investments while his financial team develops the most appropriate plan to pay his lawsuit debts.
Paying $20mm is not an emergency for someone worth $500mm; paying $20mm in the next 30 days for most people of significant wealth is an emergency--most of their wealth is in investments. Think Zuckerberg here. Zucks Net worth is in excess of 40 billion. 24 billion of that is in Facebook stock. It's not easy to free up mass units of stock for their fair market value because selling off large units of stock tanks the stock value."
It's all how the game is played. The jawn is going to get her money. If not all of it, most of it. She's just going to have to wait while his team pulls out ever delay tactic in the book in order to get it.
"This filing buys him the time he wants/needs to pay his debts. He's not "bankrupt" in the typical usage of the term.
He's filing chapter 11 bankruptcy; this is not bankruptcy as most citizens know it. The bankruptcy that most people know is Chapter 7 bankruptcy (or chapter 13 under certain conditions) and is a total reset where you are left with no assets and no debts.
Chapter 11 bankruptcy is typically known as a "restructuring" bankruptcy. Given the lawsuits they quote in the article, I would assume he does not have immediate access to the liquid assets necessary to pay his immediate debts. This filing is to protect his investments while his financial team develops the most appropriate plan to pay his lawsuit debts.
Paying $20mm is not an emergency for someone worth $500mm; paying $20mm in the next 30 days for most people of significant wealth is an emergency--most of their wealth is in investments. Think Zuckerberg here. Zucks Net worth is in excess of 40 billion. 24 billion of that is in Facebook stock. It's not easy to free up mass units of stock for their fair market value because selling off large units of stock tanks the stock value."
It's all how the game is played. The jawn is going to get her money. If not all of it, most of it. She's just going to have to wait while his team pulls out ever delay tactic in the book in order to get it.
50 will be fine and he doesn't have to hide any assets. Chapter 11s are nothing like Chapter 7 or Chapter 13. In Chapter 11, your largest creditors control your plan, but unsecured creditors like Ol'girl are not considered a voting class. That means she just basically sits there. When you file a Chapter 11, you have within 365 days typically to file a Chapter 11 plan of reorganization. In that plan you state who gets paid what and for how long. Each group gets paid starting from the top to the bottom. Shit like mortgages, taxes, child support go at the top and shit like credit cards, student loans, unsecured judgements, and medical debts fall at the bottom. Since he filed a personal bankruptcy, what ever he doesn't pay her will be discharged at the end of his plan. She might only get 100K out of this and most of that is going to go all of her attorneys. She might pocket 10K if she is lucky and will probably be old as fuck by the time she gets that. Then at that point... 50 might pull a Sprewell and convert his Chapter 11 to a Chapter 7 and say fuck it.
The Chapter 11 plan can state that 50 will agree to pay the creditors at the bottom 0 cents on the dollar if he wanted to. I don't think that will happen, because he does have to pay them at least what they would receive if he would have filed a Chapter 7..... but his plan could say that he would pay his creditors 20 cents on the dollar each month for the next 60 years if he wanted to. That's the advantage of a Chapter 11. You really don't have a limit on the length of your plan. This is why a lot of Corporations choose Chapter 11 bankruptcy because it would allow them to catch up on their debts for a longer period of time and a smaller amount.
Classes that are considered a voting group will then vote on the plan and confirm it (lock it in), while non-voting classes (the lawsuit) just sit there and take it. Granted non-voting classes can file a motion to ask the judge to either A) Say that the Debt is non-dischargeable (can't get discharged) This can only be granted for specific situations. This lawsuit doesn't fall under it. B) Move that the case get converted to a Chapter 7. (Again on in limited situations. This would happen if 50 failed to do something or disclosure something.
That's basically all the chick can do. She would have to hire Bankruptcy attorneys and that's going to be costly. Most lawyers don't have a clue how to practice in this world. The saddest is part is that her civil lawyers are probably not going to see a dime of their attorney's fees in this case.
50's BK filing is one of the main reasons why I tell people that just because you might win an action against somebody..... doesn't mean you actually win. You have to really know when to pick your battles. What's the point of suing some mom and pop store that caused your injury if they don't have premises liability insurance. You would never see a dime of that money. Just like this woman.
Oh and BK aren't like how it used to be. There are a lot of lenders, credit card companies, and dealerships that will still work with people immediately after their discharge. I've helped clients get cars and houses in active Bankruptcy cases. The game has really changed since the housing crisis and Lawsuits against the mortgage companies a couple years ago. Interest rates are the only thing that I see that will still be affected by a Bankruptcy.
The Chapter 11 plan can state that 50 will agree to pay the creditors at the bottom 0 cents on the dollar if he wanted to. I don't think that will happen, because he does have to pay them at least what they would receive if he would have filed a Chapter 7..... but his plan could say that he would pay his creditors 20 cents on the dollar each month for the next 60 years if he wanted to. That's the advantage of a Chapter 11. You really don't have a limit on the length of your plan. This is why a lot of Corporations choose Chapter 11 bankruptcy because it would allow them to catch up on their debts for a longer period of time and a smaller amount.
Classes that are considered a voting group will then vote on the plan and confirm it (lock it in), while non-voting classes (the lawsuit) just sit there and take it. Granted non-voting classes can file a motion to ask the judge to either A) Say that the Debt is non-dischargeable (can't get discharged) This can only be granted for specific situations. This lawsuit doesn't fall under it. B) Move that the case get converted to a Chapter 7. (Again on in limited situations. This would happen if 50 failed to do something or disclosure something.
That's basically all the chick can do. She would have to hire Bankruptcy attorneys and that's going to be costly. Most lawyers don't have a clue how to practice in this world. The saddest is part is that her civil lawyers are probably not going to see a dime of their attorney's fees in this case.
50's BK filing is one of the main reasons why I tell people that just because you might win an action against somebody..... doesn't mean you actually win. You have to really know when to pick your battles. What's the point of suing some mom and pop store that caused your injury if they don't have premises liability insurance. You would never see a dime of that money. Just like this woman.
Oh and BK aren't like how it used to be. There are a lot of lenders, credit card companies, and dealerships that will still work with people immediately after their discharge. I've helped clients get cars and houses in active Bankruptcy cases. The game has really changed since the housing crisis and Lawsuits against the mortgage companies a couple years ago. Interest rates are the only thing that I see that will still be affected by a Bankruptcy.
Good breakdown..... You beat me to it. But this is correct...
This is why i say there will be an out of court settlement...the lawyers will constantly be reminding her that she can settle at anytime and walk away with a decent check or she can sit and wait..... and wait....and wait...
Nah
50 has money
but he also lost this case cause he was wrong
and he also filed for bankruptcy
if this was floyd everyone would be going back 10 years to find any pics or videos of him spending money lavishly shaking their heads
50 has money
but he also lost this case cause he was wrong
and he also filed for bankruptcy
if this was floyd everyone would be going back 10 years to find any pics or videos of him spending money lavishly shaking their heads
Exactly. I believe Donald Trump has filed for bankruptcy a few times, and he's worth like 3 billion
Naw he ain't dumb, brotha is highly intelligent. This move is solely based on not paying that 5 million.....
He basically telling that bitch you ain't getting a dime from me......
Thanks for all this. Im gonna hold onto this info...
You know my job deals heavily in Bankruptcy cases, but Im embarrassed to say that I dont delve into the subject matter much (beyond what I need to know to specifically do what I need to do). But that might change going fwd since Im starting to crave this type of practical info..
informative, I rememeber in late 80's-90s when everyone filed bankruptcy to avoid paying student loans. Wish I had back then.
except you can't claim bankruptcy to get rid of a federally backed student loan.
only loans from private banks not sallie mae type loans
she would have to not object to the discharge and that is under chapter 7.
he filed chapter 11 and chapter 11 does not seek to discharge debt.
chapter 11 is to reorganize debt
Lmao I've never seen so many rationalizations and details about bankruptcy in a thread before. You guys are writing about it like it's as big a win as the vitamin water deal. Bankruptcy has all of a sudden sounded like a goal to shoot for lmao.
never heard of it
When a cracka like Trump does it (multiple times btw), its "chess not checkers"
Let a brotha do it and its "total bullshit"
bankruptcy has been very successfully used in business and the poster child for that is Donald Trump.
but airlines and auto manufacturers have also used it..
Fonzerrillii for the win!50 will be fine and he doesn't have to hide any assets. Chapter 11s are nothing like Chapter 7 or Chapter 13. In Chapter 11, your largest creditors control your plan, but unsecured creditors like Ol'girl are not considered a voting class. That means she just basically sits there. When you file a Chapter 11, you have within 365 days typically to file a Chapter 11 plan of reorganization. In that plan you state who gets paid what and for how long. Each group gets paid starting from the top to the bottom. Shit like mortgages, taxes, child support go at the top and shit like credit cards, student loans, unsecured judgements, and medical debts fall at the bottom. Since he filed a personal bankruptcy, what ever he doesn't pay her will be discharged at the end of his plan. She might only get 100K out of this and most of that is going to go all of her attorneys. She might pocket 10K if she is lucky and will probably be old as fuck by the time she gets that. Then at that point... 50 might pull a Sprewell and convert his Chapter 11 to a Chapter 7 and say fuck it.
The Chapter 11 plan can state that 50 will agree to pay the creditors at the bottom 0 cents on the dollar if he wanted to. I don't think that will happen, because he does have to pay them at least what they would receive if he would have filed a Chapter 7..... but his plan could say that he would pay his creditors 20 cents on the dollar each month for the next 60 years if he wanted to. That's the advantage of a Chapter 11. You really don't have a limit on the length of your plan. This is why a lot of Corporations choose Chapter 11 bankruptcy because it would allow them to catch up on their debts for a longer period of time and a smaller amount.
Classes that are considered a voting group will then vote on the plan and confirm it (lock it in), while non-voting classes (the lawsuit) just sit there and take it. Granted non-voting classes can file a motion to ask the judge to either A) Say that the Debt is non-dischargeable (can't get discharged) This can only be granted for specific situations. This lawsuit doesn't fall under it. B) Move that the case get converted to a Chapter 7. (Again on in limited situations. This would happen if 50 failed to do something or disclosure something.
That's basically all the chick can do. She would have to hire Bankruptcy attorneys and that's going to be costly. Most lawyers don't have a clue how to practice in this world. The saddest is part is that her civil lawyers are probably not going to see a dime of their attorney's fees in this case.
50's BK filing is one of the main reasons why I tell people that just because you might win an action against somebody..... doesn't mean you actually win. You have to really know when to pick your battles. What's the point of suing some mom and pop store that caused your injury if they don't have premises liability insurance. You would never see a dime of that money. Just like this woman.
Oh and BK aren't like how it used to be. There are a lot of lenders, credit card companies, and dealerships that will still work with people immediately after their discharge. I've helped clients get cars and houses in active Bankruptcy cases. The game has really changed since the housing crisis and Lawsuits against the mortgage companies a couple years ago. Interest rates are the only thing that I see that will still be affected by a Bankruptcy.
Thanks for the info
Sent from my SM-G900V using Tapatalk
Bankruptcy is all I do. In fact I'm in a meeting of creditors right now typing this. I've come up with all kinds of new techniques since I've gotten into this field. Bankruptcy isn't just for getting rid of debt... It can basically fix almost anything that is related to money. Even criminal restitution payments or drivers License revocations. I'll gladly drop any knowledge to those that need it.
Sent from my iPhone using Tapatalk
You can actually discharge any student loan obligation, but it is tough. You have to show a judge that It is impossible for you to get a job in the field that you went to school for. For example you took out loans to become a surgeon but you lost the use of your hands do to a car accident and unable to work. This was one of the rare cases where the court granted the discharge of the student loans.
Sent from my iPhone using Tapatalk
cool update......
this the one area they really need to change in the code...
change student loans into the dischargeable category....
Dude don't give a damn he gone keep playin
<blockquote class="instagram-media" data-instgrm-captioned data-instgrm-version="4" style=" background:#FFF; border:0; border-radius:3px; box-shadow:0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width:658px; padding:0; width:99.375%; width:-webkit-calc(100% - 2px); width:calc(100% - 2px);"><div style="padding:8px;"> <div style=" background:#F8F8F8; line-height:0; margin-top:40px; padding:50% 0; text-align:center; width:100%;"> <div style=" background:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACwAAAAsCAMAAAApWqozAAAAGFBMVEUiIiI9PT0eHh4gIB4hIBkcHBwcHBwcHBydr+JQAAAACHRSTlMABA4YHyQsM5jtaMwAAADfSURBVDjL7ZVBEgMhCAQBAf//42xcNbpAqakcM0ftUmFAAIBE81IqBJdS3lS6zs3bIpB9WED3YYXFPmHRfT8sgyrCP1x8uEUxLMzNWElFOYCV6mHWWwMzdPEKHlhLw7NWJqkHc4uIZphavDzA2JPzUDsBZziNae2S6owH8xPmX8G7zzgKEOPUoYHvGz1TBCxMkd3kwNVbU0gKHkx+iZILf77IofhrY1nYFnB/lQPb79drWOyJVa/DAvg9B/rLB4cC+Nqgdz/TvBbBnr6GBReqn/nRmDgaQEej7WhonozjF+Y2I/fZou/qAAAAAElFTkSuQmCC); display:block; height:44px; margin:0 auto -44px; position:relative; top:-22px; width:44px;"></div></div> <p style=" margin:8px 0 0 0; padding:0 4px;"> <a href="https://instagram.com/p/5GoNBYsLyB/" style=" color:#000; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none; word-wrap:break-word;" target="_top">Times are hard out here LMAO #EFFENVODKA #FRIGO #SMSAUDIO</a></p> <p style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; line-height:17px; margin-bottom:0; margin-top:8px; overflow:hidden; padding:8px 0 7px; text-align:center; text-overflow:ellipsis; white-space:nowrap;">A photo posted by 50 Cent (@50cent) on <time style=" font-family:Arial,sans-serif; font-size:14px; line-height:17px;" datetime="2015-07-14T04:43:14+00:00">Jul 13, 2015 at 9:43pm PDT</time></p></div></blockquote>
<script async defer src="//platform.instagram.com/en_US/embeds.js"></script>
he gone keep playin <blockquote class="instagram-media" data-instgrm-captioned data-instgrm-version="4" style=" background:#FFF; border:0; border-radius:3px; box-shadow:0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width:658px; padding:0; width:99.375%; width:-webkit-calc(100% - 2px); width:calc(100% - 2px);"><div style="padding:8px;"> <div style=" background:#F8F8F8; line-height:0; margin-top:40px; padding:50% 0; text-align:center; width:100%;"> <div style=" background:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACwAAAAsCAMAAAApWqozAAAAGFBMVEUiIiI9PT0eHh4gIB4hIBkcHBwcHBwcHBydr+JQAAAACHRSTlMABA4YHyQsM5jtaMwAAADfSURBVDjL7ZVBEgMhCAQBAf//42xcNbpAqakcM0ftUmFAAIBE81IqBJdS3lS6zs3bIpB9WED3YYXFPmHRfT8sgyrCP1x8uEUxLMzNWElFOYCV6mHWWwMzdPEKHlhLw7NWJqkHc4uIZphavDzA2JPzUDsBZziNae2S6owH8xPmX8G7zzgKEOPUoYHvGz1TBCxMkd3kwNVbU0gKHkx+iZILf77IofhrY1nYFnB/lQPb79drWOyJVa/DAvg9B/rLB4cC+Nqgdz/TvBbBnr6GBReqn/nRmDgaQEej7WhonozjF+Y2I/fZou/qAAAAAElFTkSuQmCC); display:block; height:44px; margin:0 auto -44px; position:relative; top:-22px; width:44px;"></div></div> <p style=" margin:8px 0 0 0; padding:0 4px;"> <a href="https://instagram.com/p/5GoNBYsLyB/" style=" color:#000; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none; word-wrap:break-word;" target="_top">Times are hard out here LMAO #EFFENVODKA #FRIGO #SMSAUDIO</a></p> <p style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; line-height:17px; margin-bottom:0; margin-top:8px; overflow:hidden; padding:8px 0 7px; text-align:center; text-overflow:ellipsis; white-space:nowrap;">A photo posted by 50 Cent (@50cent) on <time style=" font-family:Arial,sans-serif; font-size:14px; line-height:17px;" datetime="2015-07-14T04:43:14+00:00">Jul 13, 2015 at 9:43pm PDT</time></p></div></blockquote>
<script async defer src="//platform.instagram.com/en_US/embeds.js"></script>
Dude don't give a damn
<blockquote class="instagram-media" data-instgrm-captioned data-instgrm-version="4" style=" background:#FFF; border:0; border-radius:3px; box-shadow:0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width:658px; padding:0; width:99.375%; width:-webkit-calc(100% - 2px); width:calc(100% - 2px);"><div style="padding:8px;"> <div style=" background:#F8F8F8; line-height:0; margin-top:40px; padding:50% 0; text-align:center; width:100%;"> <div style=" background:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACwAAAAsCAMAAAApWqozAAAAGFBMVEUiIiI9PT0eHh4gIB4hIBkcHBwcHBwcHBydr+JQAAAACHRSTlMABA4YHyQsM5jtaMwAAADfSURBVDjL7ZVBEgMhCAQBAf//42xcNbpAqakcM0ftUmFAAIBE81IqBJdS3lS6zs3bIpB9WED3YYXFPmHRfT8sgyrCP1x8uEUxLMzNWElFOYCV6mHWWwMzdPEKHlhLw7NWJqkHc4uIZphavDzA2JPzUDsBZziNae2S6owH8xPmX8G7zzgKEOPUoYHvGz1TBCxMkd3kwNVbU0gKHkx+iZILf77IofhrY1nYFnB/lQPb79drWOyJVa/DAvg9B/rLB4cC+Nqgdz/TvBbBnr6GBReqn/nRmDgaQEej7WhonozjF+Y2I/fZou/qAAAAAElFTkSuQmCC); display:block; height:44px; margin:0 auto -44px; position:relative; top:-22px; width:44px;"></div></div> <p style=" margin:8px 0 0 0; padding:0 4px;"> <a href="https://instagram.com/p/5GoNBYsLyB/" style=" color:#000; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none; word-wrap:break-word;" target="_top">Times are hard out here LMAO #EFFENVODKA #FRIGO #SMSAUDIO</a></p> <p style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; line-height:17px; margin-bottom:0; margin-top:8px; overflow:hidden; padding:8px 0 7px; text-align:center; text-overflow:ellipsis; white-space:nowrap;">A photo posted by 50 Cent (@50cent) on <time style=" font-family:Arial,sans-serif; font-size:14px; line-height:17px;" datetime="2015-07-14T04:43:14+00:00">Jul 13, 2015 at 9:43pm PDT</time></p></div></blockquote>
<script async defer src="//platform.instagram.com/en_US/embeds.js"></script>
There's one thing that this shows. His debt has exceed his ability to pay it. That company in his momma's name is dumb shit. The Feds aren't dumb. If it isn't in his name it can't pay him profits. That's illegal. This is a black eye and his legs are wobbling. The worst thing is that it will effect his ability to borrow money. Can't make business moves without other peoples money.
I agree with you to an extent. The fact that he is filing for BK indicates that he is not as stable as he is making himself out to be. A true boss would have negotiated the lawsuit down to a settlement, but his stupid self allowed it to go to the jury and he's left filing for BK.
I also believe that he has some assets in other entities that will not be considered his personal assets and thus not touchable by the trustee.
BK is not a badge of honor, it usually indicates that you are in trouble and you need help.
Bankruptcy laws and tax cuts are what business fight for everyday. It' apart of the business plan. Have you forgot how many businesses used both to further enrich their wealth with the TARP.
Warren Ballentine is that you ???
HAHAHAHAHAHA... Nope...
This nigga just got greedy.