50 Cent On Bankruptcy: Rapper Reveals He Is Not Panicking (Photo : Reuters)
Curtis Jackson III, who had filed for bankruptcy protection in Connecticut after he was ordered by a court two weeks ago to pay $5 million as damages to his victim Lastonia Leviton, may live up to his rapper name of 50 Cent.
Half a dollar may be all left to him after a New York City jury ordered on Friday the rapper to pay Leviton $2 million more for invasion of privacy. Leviton's lawyer sought $15 million damages, while 50 Cent's attorney wanted it down to $700,000, reports Chicago Tribune
Leviton filed the lawsuit after Jackson posted online a 13-minute sex tape, made in 2008, of Leviton and her boyfriend then. Leviton has a child with Rick Ross, a rapper also and a rival of 50 Cent who posted the clip to taunt Ross.
It was the second bankruptcy filing for Jackson whose boxing promotions company, SMS Production, had filed in early 2015 for bankruptcy protection. The world crashing in on 50 Cent ironically comes on the heels of Forbes naming him as one of the wealthiest hip-hoppers with an estimated net worth of $155 million.
However, in his filing in Hartford, Jackson said his assets is down to $50 million and his liabilities also $50 million. Given his current financial standing, 50 Cent's lawyer, James Renard, expressed disappointment with the jury's verdict.
Renard said in a statement, "Our client intends to file post-verdict, pre-judgment motions in which we believe should reduce the size of the award. Ultimately, the fate of any obligation to a final judgment will be determined by the bankruptcy court," quotes People.
