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Saturday, 4 February 2017

50 Cent’s bankruptcy woes are over

On Thursday (Feb. 2), bankruptcy judge Ann Nevins approved the discharge of Curtis Jackson’s bankruptcy case after he reportedly paid more than $22 million.
In 2015, the G-Unit mogul filed for Chapter 11, saying he had debts of up to $36 million and assets worth less than $20 million.
“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,” his legal team said at the time. “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.”

On social media, 50 joked about having cash stacks despite the bankruptcy case, something he later explained on “Conan.” “My audience doesn’t understand the difference between chapter 11 and chapter 7,” he said. “When you file chapter 11, you’re really reorganizing. I have four companies that had over 3 or 4 million in each one of them so I can take money out and take those pictures.”
Last year, Nevins approved a five-year plan for Fif to pay back around $23 million. But this week, 50’s attorney said that his client paid off the debt early with $8.7 million of his personal funds along with $13.65 million from a recent settlement of legal malpractice against lawyers who represented him in a Sleek Audio case back in 2014. In December, Fif received $14.5 million after suing that law firm.


50’s new legal team issued a statement on the settlement at the time, noting it would help 50 clear his bankruptcy case. “We are informed that these proceeds, together with other funds contributed by Mr. Jackson should position the Estate to provide for the remaining obligations to be satisfied in connection with this successful Chapter 11 Reorganization Plan,” the attorneys wrote. “This is a most significant achievement, especially considering that the Plan was approved less than six months ago and provided Mr. Jackson with up to five years to satisfy all debts. Mr. Jackson is eager to move forward in doing what is best for his estate and creditors, and this settlement brings us one step closer toward that end.”

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