50 Cent Files for Chapter 11 Bankruptcy Protection
50 Cent has filed for Chapter 11 bankruptcy protection, according to Wall Street Journal.
The 40-year-old rapper, businessman and actor, reported in court papers that he has assets and debts in the range of $10 million to $50 million, the Wall Street Journal reported.
50 Cent’s 2003 album Get Rich or Die Tryin’ catapulted him to global fame.
Real name Curtis James Jackson III, the Grammy-award winning rapper’s business interests have included clothes, boxing, drinks, and mining.
The rapper’s stake in VitaminWater reportedly netted him tens of millions of dollar when Coca-Cola bought the drinks brand in 2007.
Chapter 11 allows companies time to re-organize their finances while protecting them from creditors’ demands.
The court case stemmed from a video in which the rapper is accused of adding a commentary to a tape that the woman made with her boyfriend. The tape was then leaked online.
In addition to a $5 million penalty, the jury was due this week to consider punitive damages in the invasion-of-privacy lawsuit. However, it was unclear if this would go ahead.
Manhattan Supreme Court Justice Paul Wooten had requested that 50 Cent disclose details of his finances.
However, the rapper’s lawyers told the court that he had filed for Chapter 11 in Connecticut, where he owns a mansion he bought from boxer Mike Tyson.
Later, a lawyer for 50 Cent, William A Brewer III, said his client’s business operations would continue.
“Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the Chapter 11 case,” the attorney said in a statement.
It added: “This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer.”
50 Cent has sold more than 30 million albums and won a Grammy Award in 2010. The star’s latest film role is in the upcoming Southpaw, in which he plays a boxing promoter.
In May, Forbes estimated 50 Cent’s net worth at $155 million.