50 Cent’s Bankruptcy Case Is Officially Over
A bankruptcy judge signed off on a deal today (July 6) that officially ends his case. TMZ reports that under the agreement, the Power star will pay out $23 million to his creditors over the next 5 years. $17 million of that will go to Sleek Audio and $6 million to Rick Ross' baby mama Lastonia Leviston for leaking her sex tape.
Fif took to Instagram to share the news with his own signature brand of enthusiasm. "Oh now I remember where I put that Money. LMAO!," wrote the rap star with a screenshot of the headline.
The "I'm the Man" rapper filed for bankruptcy back in July of 2015 with reported assets and debts each in the range of $10 million to $50 million. Fif, real name Curtis Jackson, filed Chapter 11 bankruptcy which means the person or the corporation can remain in control of their businesses and assets, under the supervision of the court. Issuing a statement on the business move back in 2015, 50 explained that filing was part of his strategy to get his business affairs in order and protect his assets.
“I’m taking the precautions that any other good businessperson would take in this situation," said 50 back in July. “You know when you’re successful and stuff, you become a target. I don’t wanna be a bullseye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that.”
Fif was likely referring to Lastonia Leviston, an ex-girlfriend and baby mama of Rick Ross who sued the New York MC for leaking her sex tape just days before he filed for the bankruptcy.
"Mr. Jackson is pleased that the Bankruptcy Court approved his plan of reorganization today, less than one year after filing for chapter 11 to reorganize his financial affairs," Jackson's lawyer told TMZ following the ruling. "Mr. Jackson appreciates the fresh start this process provides."
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