The rapper 50 Cent filed for bankruptcy on Monday, halting a dispute with a certain Lastonia Leviston over a sex tape. The forty-year-old rapper, whose real name is Curtis James Jackson III, filed for chapter 11 protection in the U.S Bankruptcy Court in Hartford, Connecticut on Monday.
50 Cent was supposed to appear in a New York state court to determine whether he was going to pay punitive damages in a 2010 lawsuit filed by Lastonia Leviston, who was the rapper Rick Ross’s girlfriend at the time. Rick Ross is no longer with Ms. Leviston.
Jurors in the New York State Court said last week that Mr. Jackson should pay $5 million to Ms. Leviston for a sex tape Mr. Jackson had used as joke on the internet. The tape featured Ms. Leviston with her then boyfriend, Rick Ross, a rival rapper. Mr. Jackson was merely a commentor on the tape.
The skeletal five page petition can get Mr. Jackson out of a tight spot here. The filing for bankruptcy will stop all lawsuits and collection efforts. Mr. Jackson’s assets and debts were assessed at being between 10 million and 50 million. The assets also take into account Mr. Jackson’s current house and property in Farmington, Connecticut, which was once owned by Mike Tyson.
“The filing for personal bankruptcy will permit 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,” said William A. Brewer III, his lawyer, in a statement.
It wasn’t made clear what Mr. Jackson aka 50 Cent was planning to do to get his finances on track again. 50 Cent had begun his career in an era when rappers could make big money by selling records. The current decade may prove problematic as far as earning money is concerned, the economy being what it is right now.
Photo Source: Facebook\ 50 Cent