50 Cent On Bankruptcy: Rapper Reveals He Is Not Panicking (Photo : Reuters)
After his net worth valued at $155 million in May, the rapper and businessman, 50 Cent, has filed for bankruptcy on July 13.
50 Cent, whose real name is Curtis Jackson III, reportedly filed for Chapter 11 protection in the U.S. Bankruptcy Court in Hartford, Connecticut, on July 13, Monday, The Wall Street Journal reported. The filing has been done on the same day when he was supposed to appear in a New York state court to determine whether he owes further punitive damages to Lastonia Leviston, rival rapper Rick Ross's ex-girlfriend.
Last week, the court has ordered 50 Cent to pay $5 million to Levinston for using her image without her permission and for intentionally inflicting her emotional distress. The order came in a lawsuit, in which Leviston has accused the rapper of releasing her sex tape, which she made with her ex-boyfriend, without her knowledge, along with a crude and derogatory commentary.
Levinston's lawyers believe that the 40-year-old rapper, who is otherwise known for his exceptional business skills and lavish lifestyle, has filed for bankruptcy to protect himself from paying their client.
"We think this is a failed attempt to avoid paying this woman who has been hurt so badly by his actions," Hunter Shkolnik, Leviston's lawyer, told Business Insider.
50 Cent had reportedly earned close to $100 million, when he sold his stake in the company, Glaceau Vitaminwater, to Coca Cola in 2007. He is also a founder of G-Unit Records, which helped to propel other rappers, and made deals with Reebok among other fashion pursuits.
The rapper has also starred in several films. The most recent is "Southpaw," which also stars Jake Gyllenhaal. The bankruptcy petition mentioned his address as 21-bedroom Farmington mansion, which was once owned by Mike Tyson.
