50 Cent Issues Statement On Bankruptcy
Earlier today (July 13), news broke that 50 Cent has filed for bankruptcy in a Connecticut court. Just now, the rapper and actor's legal counsel issued a statement on the matter. It reads:
Hartford, CT...July 13, 2015 – Attorneys for Curtis Jackson, a/k/a 50 Cent, today announced that their client has filed for relief under chapter 11 of the Bankruptcy Code. The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests.
Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case.
“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,” says William A. Brewer III, partner at Brewer, Attorneys & Counselors and counsel to Mr. Jackson."
The news of 50's bankruptcy comes on the heels of a judgment that he must pay a woman $5 million as a result of his leaking her sex tape. The woman, Lavonia Leviston, is mother to Rick Ross' child; the sex tape was released at the height of the rappers' beef. In addition to his fortunes accrued from careers in music and in Hollywood, 50 has had his hand in a number of successful business ventures. From his early investment in Vitamin Water to more recent partnerships with SMS Audio and Effen Vodka, 50 should be able to scrape together some cash in the near future.