50-Cent files for bankruptcy

Published: 2015 July 14 07:25:56 (10893 Views)

Wall Street Journal reports that 50 Cent has filed for bankruptcy, claiming 'assets and debts in the range of $10million-$50million,' to reportedly halt a dispute over an explicit adult tape.

The 40-year-old rapper, Curtis James Jackson III, filed for chapter 11 protection in the U.S. Bankruptcy Court in Hartford, Conn., on Monday, the same day he was supposed to appear in a New York state court to determine whether he owes punitive damages in a 2010 lawsuit filed by Lastonia Leviston, rapper Rick Ross's ex-girlfriend, court records show.

Jurors said last week that Mr. Jackson should pay $5 million to Ms. Leviston, who said that Mr. Jackson violated her privacy by posting a tape of her online. Mr. Jackson's lawyers dispute the amount of the verdict.

The skeletal, five-page bankruptcy petition didn't reference the lawsuit. Generally, filing for bankruptcy protection halts lawsuits and collection efforts.

"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 reorganisation of his financial affairs," said William A. Brewer III, his lawyer, in a statement. Lawyers didn't explain how he plans to use bankruptcy protection to get a fresh start.

The bankruptcy petition lists his address as a Farmington, Conn., mansion, which boxer Mike Tyson once owned. The 21-bedroom home is reported to have a racquetball court, a home movie theatre and an eight-car garage.

50 Cent put his boxing promotion company, SMS Promotions LLC, into bankruptcy protection on May 26. The manoeuvre was related to the 2010 tape lawsuit.

In 2009 50 Cent posted a 13-minute video online featuring himself in a wig as a character called Pimpin' Curly, and narrated the tape of Leviston and her boyfriend.

He made explicit remarks about her and took shots at rapper Rick Ross who he had beef with at the time. Ross isn't in the video but has a daughter with Leviston.

The rapper said he got the tape from Leviston's then-boyfriend, with his lawyers adding that 50 didn't post the video but Leviston's boyfriend at the time said she wouldn't mind if he did.

Source - Metro