Rapper 50 Cent has filed for Chapter 11 bankruptcy protection.
From WSJ: — “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 sex tape of her and Mr. Ross online. Mr. Jackson’s lawyers dispute the amount of the verdict.” —
50 Cent’s 2003 album Get Rich or Die Tryin’ catapulted him to global fame.
Real name Curtis James Jackson III, the Grammy-award winning rapper’s business interests have included clothes, boxing, drinks, and mining.
His stake in VitaminWater reportedly netted him tens of millions of dollar when Coca-Cola bought the drinks brand in 2007.
Chapter 11 allows companies time to re-organise their finances while protecting them from creditors’ demands.
The court case stemmed from a video in which the rapper is accused of adding a commentary to a tape that the woman made with her boyfriend. The tape was then leaked online.
