What he is doing is taking advantage of the system/resources available to him/his business. While continuing to build his wealth. Who is yall and what I'm I doing
50 Cent Declares Bankruptcy AGAIN (total bullshit!)
- Thread starter Hotlantan
- Start date
What he is doing is taking advantage of the system/resources available to him/his business. While continuing to build his wealth. Who is yall and what I'm I doing
Obama has been pushing for this for years. In my opinion this is the next big Financial crisis and it is coming quick. It's going to be worst then the housing crisis. Right now you have millions of people walking around with student load debt into the hundreds and no way to pay it back. What he passed a couple years were your debt will be wiped out after 25 years will help, but you have to fall in a very specific category to qualify. Most people put off their loans as long as humanly possible, but eventually you will have to pay and when that happens you don't have any money left to contribute to the economy.
We are currently heading into the years where my generation... the 29 and up are being told that they can no longer hold off paying their student loans and now they are either forced to pay or go back to school for some bullshit degree to get more forbearance time. I give us 5 to 6 more years before shit hits the fan....
the punitive damages court issued for that girl on top of the 5 million. The punitive damages can range even to 20million and that required him to file papers to court to the judge based on his income was a driving factor so that filing brankruptzy.was strategic.i believe its a "personal bankruptY not corporate .
Lets not forget bankruptzty is different for us and also there are ways to circumvent the law moving assests around as told earlier pages by bhol members. Its not as if guys like 50 need a credit score to invest in movies and he already have financial interest in vodka and his new underwearline and sms audio. His brand is no way affective. It doesnt affect his brand.
The boxing promotion and the other headphone case situation along with the girl suing doesent outweigh the entire spectrum of his portfolio. Of course she deserves some cake but...
Fonzerelli post breaks it down. You cant see it from your perspective.
Hiw will this affect his Power tv show his underwear brand his movie investments his portfolio of investmenrs homes assests,books vodka and gunit tours and label?
Dude was trying to sue mediatake out last week and i believe he went after Q from worldstar like its nothing.its a sport for him
Also dame dash was breaking it diwn on hiw the lawsuits and taxes etc.. He showed he was broke but in actuality he had his money in assests businesses and who knows offshore not saying dame is perfrct obviously but you vet my point...
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50 Cent’s List Of Creditors Revealed, Rapper Owes $26 Million
50 Cent filing for Chapter 11 bankruptcy does not mean the Hip Hop mogul is broke, but he does owe a lot of money to several different parties. TMZ has gained access to the list of 50’s creditors that was given to the bankruptcy judge.
According to court documents, the G-Unit boss owes $137,880 to Bentley, $64,909 to American Express, $1,737 to his own grandfather, and others. 50 is also on the hook for a total of $23 million from two separate lawsuits. He lost a nearly $17 million suit to Sleek Audio in 2014, and a jury recently awarded $5 million to Lastonia Leviston after she sued 50 for releasing a sex tape of her online.
“I think we’re very clear in our papers that he’s engaged in numerous tactics to delay the eventual entry of a judgment in the state court litigation,” Elizabeth Austin, Leviston’s attorney, told The Washington Post. “We believe this bankruptcy is yet another one of those tactics.”
While the legal situations play out, the public should understand exactly where 50 stands financially. Forbes calculated 50 Cent’s net worth to be close to $155 million. California bankruptcy attorney Mark Markus explained to Mashable why 50’s bankruptcy filings does not equal him hurting for money.
“In Chapter 11 in particular, one usually has many assets — in fact, Chapter 11 is used to protect those assets while repaying creditors what they would get if the assets were liquidated,” said Markus. “So those who file Chapter 11 are definitely not broke.”
50 Cent filing for Chapter 11 bankruptcy does not mean the Hip Hop mogul is broke, but he does owe a lot of money to several different parties. TMZ has gained access to the list of 50’s creditors that was given to the bankruptcy judge.
According to court documents, the G-Unit boss owes $137,880 to Bentley, $64,909 to American Express, $1,737 to his own grandfather, and others. 50 is also on the hook for a total of $23 million from two separate lawsuits. He lost a nearly $17 million suit to Sleek Audio in 2014, and a jury recently awarded $5 million to Lastonia Leviston after she sued 50 for releasing a sex tape of her online.
“I think we’re very clear in our papers that he’s engaged in numerous tactics to delay the eventual entry of a judgment in the state court litigation,” Elizabeth Austin, Leviston’s attorney, told The Washington Post. “We believe this bankruptcy is yet another one of those tactics.”
While the legal situations play out, the public should understand exactly where 50 stands financially. Forbes calculated 50 Cent’s net worth to be close to $155 million. California bankruptcy attorney Mark Markus explained to Mashable why 50’s bankruptcy filings does not equal him hurting for money.
“In Chapter 11 in particular, one usually has many assets — in fact, Chapter 11 is used to protect those assets while repaying creditors what they would get if the assets were liquidated,” said Markus. “So those who file Chapter 11 are definitely not broke.”
So yeah, he makes a lot of money but he owes more than he makes right now.
For those who keep bringing up Trump, when Trump was bankrupt he was just that. Bankrupt. fortunately for him he kept plugging away and eventually got to where he is now, mostly from his personality and he's more of an entertainer than a business man now.
50 has the same kind of brash personality so maybe one day he can dig himself out of this and not be having to arrange his bills around. Clearly that's not the goal.
For those who keep bringing up Trump, when Trump was bankrupt he was just that. Bankrupt. fortunately for him he kept plugging away and eventually got to where he is now, mostly from his personality and he's more of an entertainer than a business man now.
50 has the same kind of brash personality so maybe one day he can dig himself out of this and not be having to arrange his bills around. Clearly that's not the goal.
1. Chapter 11 is reorganizing your financial structure so that you dont have to pay total large sum to ceeditors outright
2.This delay can be approved up to two years. Keep in mind that creditors including that lady that sued 50 will get continous attorney fees from her lawyer. She might be impatient and settle for a lot less.this goes for other creditors
3. He also did chapter 11 so the courts wouldnt calculate punitive damages estimate on top of the 5 million she was suppose to get not anytime soon ..
Chaptpter 11 luke 2 live crew,donald trump did it several times. As long it wasnt chapter 7
Last but not least ,publicly you cry broke and say you have all this debt while you quietly move asset around ..the lawyers dont want 50 to say. " hey im bullshitting around, i got money".
This young dude from Complex on Youtube explains it
2.This delay can be approved up to two years. Keep in mind that creditors including that lady that sued 50 will get continous attorney fees from her lawyer. She might be impatient and settle for a lot less.this goes for other creditors
3. He also did chapter 11 so the courts wouldnt calculate punitive damages estimate on top of the 5 million she was suppose to get not anytime soon ..
Chaptpter 11 luke 2 live crew,donald trump did it several times. As long it wasnt chapter 7
Last but not least ,publicly you cry broke and say you have all this debt while you quietly move asset around ..the lawyers dont want 50 to say. " hey im bullshitting around, i got money".
This young dude from Complex on Youtube explains it
i dont give a shit if claming chapter 11 is a boss move...with all the shit 50 talked about other dudes...this is a HUGE L
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this man knows what he is talking about..i only have 300$ left on my student loans since 98!!!!!!!!!!!!!!!...glad its done..my wife has 6 figure student loans...lucky shes making a decent living in her field...student loans monthly payments are house notes...its ridiculous
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This......
Like I said before 50 will be fine. Ol girls lawyers fucked up because they should have fucking asked about his debts during the depositions and in the interrogatories. That 17 million dollar lawsuit was a clear sign that you need to fucking settle out and get something out of this.
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Sadly for 50, the judge didn't buy what 50 was selling. 50 was asking the judge to put the brakes on the latest case, where he was socked for $5 million by Rick Ross' baby mama. He wanted to halt the punitive damages phase of the trial, which could cost him many millions more. The judge rejected his attempt, and the jury is ready to sock it to the rapper.."Tmz
yo that will be a thorn on his side...He will be fine since he brokered a co branding deal of SMS audio wirh Reebok and Marvel
so he owe 26 mill in judgements? Ok how much in liquid cash he has or better how much can he access immediately from that vitamin water payout? 26 mill is a lick but if liquidity is over 60 mill he can come out of these bruised but not battered lol
50 was a grimey nikka back when he was popping and did some foul shit to boot, it may take karma a few years to catch a fucker but eventually it does!
50 Cent -- I'm Actually Rich ... I Just Get Sued a Lot!
50 Cent has just told the bankruptcy judge he's both rich and poor at the very same time.
50 filed legal docs saying he has a massive amount of money and other assets, but not enough to immediately cover more than $20 million in court judgments. Translation ... he's cash poor.
The documents are almost like a documentary, chronicling 50's early life in abject poverty in Queens, where his mom was murdered when he was just 8. He was also famously shot 9 times. His lawyer goes on, "In many respects, Mr. Jackson typifies the American dream."
The question ... what does this have to do with bankruptcy. The answer ... this is a PR move on 50's part to make it clear to his fans he's not a failure.
Sadly for 50, the judge didn't buy what 50 was selling. 50 was asking the judge to put the brakes on the latest case, where he was socked for $5 million by Rick Ross' baby mama. He wanted to halt the punitive damages phase of the trial, which could cost him many millions more. The judge rejected his attempt, and the jury is ready to sock it to the rapper.
Recent news
Tmz
He will be fine since he brokered a co branding deal of SMS audio wirh Reebok and Marvel
50 will still be fine. This is standard when a civil case has proceeded to point prior to the filing of a Bankruptcy. Since the creditor went through the process of reaching a judgment, but not a determination on the punitives, in the interest of judicial economy... it is better for the civil case to continue. The key language within the order is "ORDERED, that the stay of 11 U.S.C. § 362(a) is not modified with respect to any collection activity, including the creation of any lien or attachment, or the perfection of any security interest."
- In Plain English "Lastonia Leviston can continue with the lower court proceeding, but she can not try to enforce the judgement (collect) against any of 50 Cent's assets (stuff). She can't put a lien. She can't go after his money. Her judgement is just a sheet of paper. All of 50 cents assets continue to be protected and as long as he does everything right..... She is likely still not getting shit.
EDIT: It is clear to me that TMZ doesn't have any idea about what really goes on in a Chapter 11.
50 Cent has just told the bankruptcy judge he's both rich and poor at the very same time.
50 filed legal docs saying he has a massive amount of money and other assets, but not enough to immediately cover more than $20 million in court judgments. Translation ... he's cash poor.
The documents are almost like a documentary, chronicling 50's early life in abject poverty in Queens, where his mom was murdered when he was just 8. He was also famously shot 9 times. His lawyer goes on, "In many respects, Mr. Jackson typifies the American dream."
The question ... what does this have to do with bankruptcy. The answer ... this is a PR move on 50's part to make it clear to his fans he's not a failure.
Sadly for 50, the judge didn't buy what 50 was selling. 50 was asking the judge to put the brakes on the latest case, where he was socked for $5 million by Rick Ross' baby mama. He wanted to halt the punitive damages phase of the trial, which could cost him many millions more. The judge rejected his attempt, and the jury is ready to sock it to the rapper.
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This article doesn't make any sense.
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Recent news
Tmz
He will be fine since he brokered a co branding deal of SMS audio wirh Reebok and Marvel
I just read the order and it only lifts the stay on the lawsuit but it still doesn't lift the stay on collecting.
For those curious...
Here is the order from the court on the Motion for relief allowing the Punitive damage part of the lawsuit to continue.
http://www.docdroid.net/lySkeXW/show-temp.pdf.html
Here is the list of the 20 largest creditors:
http://www.docdroid.net/Bw9jmKc/show-temp-1.pdf.html
Here is the order from the court on the Motion for relief allowing the Punitive damage part of the lawsuit to continue.
http://www.docdroid.net/lySkeXW/show-temp.pdf.html
Here is the list of the 20 largest creditors:
http://www.docdroid.net/Bw9jmKc/show-temp-1.pdf.html
50 Cent Asks For Mistrial In Sex Tape Case
50 Cent’s lawyer asked for a mistrial to be determined for the case brought against him by Rick Ross’ ex, Page Six reports.
“My concern is there might have been exposure to media that might have influenced the jurors,” said Fif’s lawyer James Renard told Judge Paul Wooten.
Judge Wooten rejected the claim, saying that the media coverage “is traceable primarily to the defendant, who has been on all sorts of media outlets.”
50 Cent will testify today (July 21) about his net worth.
Lastonia Leviston filed a lawsuit against 50 for releasing a sex tape of her and an ex-boyfriend with his own narration in 2009.
50 Cent’s lawyer asked for a mistrial to be determined for the case brought against him by Rick Ross’ ex, Page Six reports.
“My concern is there might have been exposure to media that might have influenced the jurors,” said Fif’s lawyer James Renard told Judge Paul Wooten.
Judge Wooten rejected the claim, saying that the media coverage “is traceable primarily to the defendant, who has been on all sorts of media outlets.”
50 Cent will testify today (July 21) about his net worth.
Lastonia Leviston filed a lawsuit against 50 for releasing a sex tape of her and an ex-boyfriend with his own narration in 2009.
Dude don't give a damnhe gone keep playin
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This nigga keeps proving everyday why he got shot up.
He's really trying to piss off that judge and he better hope the feds don't fuck with him.
selling at that kind of loss really helps his bankruptcy claims - while it frees up some operating cash for him
Rapper 50 Cent: Cash In Social Media Photos Isn't Real.
http://www.courant.com/news/connecticut/hc-ap-50-cent-stacks-of-cash-20160308-story.html
http://www.courant.com/news/connecticut/hc-ap-50-cent-stacks-of-cash-20160308-story.html
