Date 2015-07-13
Category Gist & Gossip
“50 Cent is no longer getting money. The rap mogul has filed for bankruptcy, three days after Rick Ross’ baby mama won a $5 million verdict against him. A jury awarded Lastonia Leviston the judgement after determining that 50 intentionally leaked a sex tape in which she was featured, in order to embarrass his rival Ross. ”
50 has been ordered to produce proof of income and worth so the jury can determine punitive damages. The disclosure would have given a rare glimpse into his financial background.
According to the Chapter 11 bankruptcy filing, obtained by Page Six, Jackson has $10 to $50 million in assets and $10 to $50 million in liabilities. It puts his creditors at between 1 and 49. Last year, 50 lost a court case in which a jury fined him $17.2 million for ripping off his SMS Audio headphones design.
The bankruptcy filing comes as a surprise as the hip-hop tycoon had a reputation for being among the wealthiest in hip-hop. Earlier this year, Forbes estimated his net worth at $155 million.
