50 Cent: Difference between revisions

On July 13, 2015, Jackson filed for [[Chapter 11, Title 11, United States Code|Chapter 11 bankruptcy]] protection in the U.S. Bankruptcy Court for the District of Connecticut with a debt of $32,509,549.91.<ref>{{cite web|url=https://blogs.wsj.com/bankruptcy/2015/08/04/50-cent-bankruptcy-by-the-numbers/|title=50 Cent Bankruptcy: By The Numbers|work=[[The Wall Street Journal|Wall Street Journal]]|date=August 4, 2015|access-date=December 7, 2015|first=Katy|last=Stech|archive-url=https://web.archive.org/web/20151206235008/http://blogs.wsj.com/bankruptcy/2015/08/04/50-cent-bankruptcy-by-the-numbers/|archive-date=December 6, 2015|url-status=live}}</ref><ref>{{cite news|url=https://www.forbes.com/sites/hughmcintyre/2015/07/13/rapper-50-cent-files-for-bankruptcy-protection/|title=Rapper 50 Cent Files For Bankruptcy Protection|work=[[Forbes]]|date=July 13, 2015|access-date=July 13, 2015|first=Hugh|last=McIntyre|archive-url=https://web.archive.org/web/20150714044548/http://www.forbes.com/sites/hughmcintyre/2015/07/13/rapper-50-cent-files-for-bankruptcy-protection/|archive-date=July 14, 2015|url-status=live}}</ref><ref>''In re Curtis James Jackson III'', case no. 15-21233, U.S. Bankruptcy Court for the District of Connecticut.</ref> On July 17, 2015, the Court issued an order allowing a creditor to proceed with the punitive damages phase of a trial against Jackson in a New York state court, in connection with the alleged release of a private video.<ref>Order Granting Relief from Stay, July 17, 2015, docket entry 20, ''In re Curtis James Jackson III'', case no. 15-21233, U.S. Bankruptcy Court for the District of Connecticut.</ref> His assets were listed as between $10 million and $50 million in his bankruptcy petition, though he testified under oath that he is worth $4.4 million.<ref>{{cite news |url=https://www.wsj.com/articles/50-cents-business-sense-1437160570 |title=50 Cent's Business Sense |work=[[The Wall Street Journal]] |access-date=February 10, 2016 |first=Alexandra |last=Wolfe |date=July 17, 2015 |archive-url=https://web.archive.org/web/20170708101631/https://www.wsj.com/articles/50-cents-business-sense-1437160570 |archive-date=July 8, 2017 |url-status=live }}</ref> CitingHe said that he had between $10 million and $50 million in debt, and the same amount in assets. Later in the week, Jackson's bankruptcy lawyers elucidated through the court documents that legal fees and judgments exceeding $20 million over the past year were the primary cause of the filing.<ref>{{cite web |url=http://www.entrepreneur.com/article/249496 |title=50 Cent's Bankruptcy Is a Lesson in Valuing What You Earn |work=Entrepreneur |date=August 13, 2015 |access-date=February 10, 2016 |last=Tobak |first=Steve |archive-url=https://web.archive.org/web/20160215231955/http://www.entrepreneur.com/article/249496 |archive-date=February 15, 2016 |url-status=live }}</ref>

His filings listed 32 entities that he hashad a stake in. The bankruptcy came days after a jury ordered him to pay $5 million to rapper Rick Ross's ex-girlfriend Lastonia Leviston for invading her privacy by posting online a sex tape of her and another man.<ref>{{cite news |url=https://blogs.wsj.com/bankruptcy/2015/08/14/50-cent-aims-to-keep-effen-vodka-deal-secret/ |title=50 Cent Aims to Keep Effen Vodka Deal Secret |work=[[The Wall Street Journal]] |date=August 14, 2015 |access-date=February 10, 2016 |archive-url=https://web.archive.org/web/20170708084944/https://blogs.wsj.com/bankruptcy/2015/08/14/50-cent-aims-to-keep-effen-vodka-deal-secret/ |archive-date=July 8, 2017 |url-status=live |last1=Gleason |first1=Stephanie }}</ref> In addition, Jackson lost a dispute over a failed business deal to come to fruition toinvolving his Sleek headphones, where Jackson invested more than $2 million.<ref name="Gleason">{{cite web |url=https://blogs.wsj.com/bankruptcy/2015/10/07/50-cent-seeks-75-million-over-headphones-fiasco/ |title=50 Cent Seeks $75 Million Over Headphones Fiasco |work=[[The Wall Street Journal]] |date=October 7, 2015 |access-date=February 10, 2016 |first=Stephanie |last=Gleason |archive-url=https://web.archive.org/web/20170708102605/https://blogs.wsj.com/bankruptcy/2015/10/07/50-cent-seeks-75-million-over-headphones-fiasco/ |archive-date=July 8, 2017 |url-status=live }}</ref> An ex-partner accused Jackson of later stealing the design of the "Sleek by 50" headphones, prompting a judge to award the partner more than $17.2 million.<ref>{{cite web |url=http://radaronline.com/exclusives/2014/11/50-cent-lawsuit-17-million-sleek-audio-lose-federal-judge-florida/ |title=Federal Judge To 50 Cent: Pay Up $17 Million You Owe In Lawsuit |publisher=Radar Online |date=November 4, 2014 |access-date=February 10, 2016 |archive-url=https://web.archive.org/web/20160303085017/http://radaronline.com/exclusives/2014/11/50-cent-lawsuit-17-million-sleek-audio-lose-federal-judge-florida/ |archive-date=March 3, 2016 |url-status=live }}</ref><ref>{{cite web |url=http://www.abi.org/feed-item/50-cent-discloses-ownership-in-adult-film-producer-headphone-ventures |title=50 Cent Discloses Ownership in Adult Film Producer, Headphone Ventures |publisher=American Bsnkruptcy Institute |access-date=February 10, 2016 |archive-url=https://web.archive.org/web/20160215200034/http://www.abi.org/feed-item/50-cent-discloses-ownership-in-adult-film-producer-headphone-ventures |archive-date=February 15, 2016 |url-status=live }}</ref> His Connecticut bankruptcy filing statesstated that he ownsowned seven cars valued at more than $500,000, including a 2010 Rolls-Royce and a 1966 [[Chevrolet]] Coupe.<ref>{{cite web |url=https://www.nbcnews.com/business/business-news/50-cent-bankruptcy-filing-lists-seven-cars-8-3-million-n403891 |title=50 Cent Bankruptcy Filing Lists Seven Cars, $8.3 Million Home |publisher=NBC |date=August 4, 2015 |access-date=February 10, 2016 |archive-url=https://web.archive.org/web/20171027214126/https://www.nbcnews.com/business/business-news/50-cent-bankruptcy-filing-lists-seven-cars-8-3-million-n403891 |archive-date=October 27, 2017 |url-status=live }}</ref> His expenses of $108,000 a month includeincluded $5,000 for gardening. alongHe withreported a monthly income of $185,000, mainly from royalties and income from his external businesses and investments. The court filing sayssaid he also owesowed money to his stylist, his barber, and his fitness coach.<ref>{{cite web |url=http://www.sandiegouniontribune.com/news/2015/aug/04/50-cents-bankruptcy-papers-show-7-cars-businesses/ |title=50 Cent's bankruptcy papers show 7 cars, businesses in red |work=The San Diego Tribune |date=August 4, 2015 |access-date=February 10, 2016 |archive-url=https://web.archive.org/web/20160216174807/http://www.sandiegouniontribune.com/news/2015/aug/04/50-cents-bankruptcy-papers-show-7-cars-businesses/ |archive-date=February 16, 2016 |url-status=live }}</ref><ref>{{cite web |url=http://www.hollywoodreporter.com/news/50-cent-bankruptcy-papers-show-813010 |title=50 Cent's Bankruptcy Papers Show Seven Cars, Businesses in Red |work=The Hollywood Reporter |date=August 4, 2015 |access-date=February 10, 2016 |archive-url=https://web.archive.org/web/20160216080722/http://www.hollywoodreporter.com/news/50-cent-bankruptcy-papers-show-813010 |archive-date=February 16, 2016 |url-status=live }}</ref>

Other details in the bankruptcy documents included information about two deals that sold the right to collect royalties of on-air play of his music. Half the rights to his portfolio were sold to the British independent music publishing company [[Kobalt Music Group]] for $3 million and the other half for another $3 million with the sales of his albums allowing Jackson to own 100 percent of the rights to the master recordings while paying only for distribution.<ref name="Stephanie Gleason">{{cite news |url=https://blogs.wsj.com/bankruptcy/2015/08/05/50-cent-reveals-upcoming-album-and-financial-details-in-questioning/ |title=50 Cent Reveals Upcoming Album and Financial Details in Questioning |newspaper=Wall Street Journal |date=August 5, 2015 |access-date=February 10, 2016 |author=Stephanie Gleason |archive-url=https://web.archive.org/web/20170708113337/https://blogs.wsj.com/bankruptcy/2015/08/05/50-cent-reveals-upcoming-album-and-financial-details-in-questioning/ |archive-date=July 8, 2017 |url-status=live }}</ref> Zeisler & Zeisler, a Bridgeport law firm, represented 50 Cent in the bankruptcy, which later resulted in Jackson filing a $75 million lawsuit against his own lawyers.<ref>{{cite web |url=http://www.courant.com/business/hc-50-cent-bankruptcy-20150713-story.html |title=Rapper 50 Cent Of Farmington Files For Bankruptcy |work=Hartford Courant |access-date=February 10, 2016 |first=Mara |last=Lee |date=July 13, 2015 |archive-url=https://web.archive.org/web/20160131204247/http://www.courant.com/business/hc-50-cent-bankruptcy-20150713-story.html |archive-date=January 31, 2016 |url-status=live }}</ref> He stated that his lawyers did a terrible job of representing him, specifically citing the fallout of his failed venture with Sleek Audio headphones. andHe accused Garvey Schubert Barer, a Wall Street law firm, of failing to "employ the requisite knowledge and skill necessary to confront the circumstances of the case".<ref>{{cite web |url=http://www.businessinsider.com/curtis-jackson-aka-50-cent-sues-garvey-schubert-barer-2015-10 |title=Bankrupt 50 Cent is suing his old lawyers for $75 million |work=Business Insider |access-date=February 10, 2016 |archive-url=https://web.archive.org/web/20160216012828/http://www.businessinsider.com/curtis-jackson-aka-50-cent-sues-garvey-schubert-barer-2015-10 |archive-date=February 16, 2016 |url-status=live }}</ref><ref>{{cite web |url=http://www.vibe.com/2015/10/50-cent-hits-former-lawyers-with-75-million-lawsuit/ |title=50 Cent Hits Former Lawyers With $75 Million Lawsuit |work=Vibe |date=October 8, 2015 |access-date=February 10, 2016 |last=Woods |first=Monesha |archive-url=https://web.archive.org/web/20160222094326/http://www.vibe.com/2015/10/50-cent-hits-former-lawyers-with-75-million-lawsuit/ |archive-date=February 22, 2016 |url-status=live }}</ref><ref>{{cite web |url=http://963kissfm.iheart.com/articles/premiere-urban-news-492139/50-cent-sues-former-lawyers-for-14016404/#ixzz3zqEAU1o4 |title=50 Cent Sues Former Lawyers For $75 Million |publisher=96.3 Kiss FM |access-date=February 10, 2016 |archive-url=https://web.archive.org/web/20161107145659/http://963kissfm.iheart.com/articles/premiere-urban-news-492139/50-cent-sues-former-lawyers-for-14016404/#ixzz3zqEAU1o4 |archive-date=November 7, 2016 |url-status=dead }}</ref><ref>{{cite web |url=http://hiphopwired.com/2015/10/08/50-cent-files-75-million-lawsuit-against-former-lawyers/ |title=50 Cent Files $75 Million Lawsuit Against Former Lawyers |date=October 8, 2015 |publisher=Hip Hop Wired |access-date=February 10, 2016 |archive-url=https://web.archive.org/web/20160206200328/https://hiphopwired.com/2015/10/08/50-cent-files-75-million-lawsuit-against-former-lawyers/ |archive-date=February 6, 2016 |url-status=live }}</ref><ref>{{cite web |url=http://www.360nobs.com/2015/10/50-cent-sues-his-old-law-firm-for-75-million/ |title=50 Cent sues Garvey Schubert Barer |date=October 7, 2015 |publisher=360nobs.com |access-date=February 10, 2016 |archive-url=https://web.archive.org/web/20160216042039/http://www.360nobs.com/2015/10/50-cent-sues-his-old-law-firm-for-75-million/ |archive-date=February 16, 2016 |url-status=live }}</ref><ref name="Gleason"/><ref>{{cite web |url=http://www.businessinsider.com/curtis-jackson-aka-50-cent-sues-garvey-schubert-barer-2015-10 |title=Bankrupt 50 Cent is suing his old lawyers for $75 million |date=October 7, 2015 |work=Business Insider |access-date=February 10, 2016 |first=Erin |last=Fuchs |archive-url=https://web.archive.org/web/20160216012828/http://www.businessinsider.com/curtis-jackson-aka-50-cent-sues-garvey-schubert-barer-2015-10 |archive-date=February 16, 2016 |url-status=live }}</ref>