While money and personal wealth is a massive thing in the rap industry, there are some artists who place cash and all of the acclaim and kudos that goes with it above everything else. With a rap name of 50 Cent, Curtis James Jackson III has always had a strong focus on money and with a debut album called “Get Rich or Die Tryin’”, he certainly lived up the expectations and hopes he placed on himself.
Those heady days seem like a long time ago though as the rapper has now filed for bankruptcy protection. This was filed on Monday, the very same day where he was due in a New York court. This appearance was related to whether he owes punitive damages to Lastonia Leviston, who is the former girlfriend of Rick Ross.
It has been a rough time for 50 Cent of late with jurors last week stating that he should be forced to pay $5m to Ms Leviston. This comes on the back of Ms Leviston claiming that the rapper violated her privacy when he posted a video of her engaging in a sexual act online. The lawyers for 50 Cent were disputing the value found in the verdict.
While the bankruptcy petition filed by 50 Cent didn’t make reference to the lawsuit, it will have an impact on proceedings because in general, when someone files for bankruptcy, it brings about a halt to any lawsuit or money collection efforts that are on-going. A cynical person may say that these two issues are strongly linked
The rapper’s lawyer, William A Brewer III released a statement, saying; “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.”
50 Cent and his team know how to look after themselves
This isn’t the first time that 50 Cent has taken this sort of action recently. At the end of May he placed SMC Promotions LLC, his boxing promotion firm, into bankruptcy protection and again, at the time this was said to have been related to the sex tape lawsuit.
In a boxing related link, the main property of the rapper was listed as a mansion in Farmington, Conn which was previously owned by boxing legend Mike Tyson.
There will be plenty of people looking to make comments about 50 Cent being broke, and given his rap name and so much of the imagery he has associated himself with, it can be fun to do so. However, this is not the reality of the situation, this is a move that has been undertaken to protect his business assets and you can guarantee that 50 Cent will not be short of 50 cents for a good while.
It is also business as usual for the rapper who is scheduled to appear in London with the G-Unit on Friday the 17th of July. It remains to be seen if he will ask the audience to have a whip-round for him to ensure he has enough money to get home after the gig!