Curtis James Jackson III (born July 6, 1975), better known as 50 Cent, is an American rapper, actor, television producer, and businessman. Jackson, who was born in Queens’ South Jamaica neighborhood, began his musical career in 1996.
He recorded his “debut” album Power of the Dollar for Columbia Records in early 2000, but he was hit by nine bullets during a shooting in May of that year, leading the album’s release to be canceled and Jackson to be released from the label. Eminem discovered Jackson and signed him to his label Shady Records, an imprint of Dr. Dre’s Aftermath Entertainment and Interscope Records, after he released the mixtape Guess Who’s Back? in 2002
What was the history behind 50 Cent bankruptcy filing?
The Wall Street Journal reported on July 13, 2015, that 50 Centhas filed for Chapter 11 personal bankruptcy protection. The bankruptcy was filed in the United States Bankruptcy Court in Hartford, Connecticut because 50 is a Connecticut resident.
50 was living in Mike Tyson’s old mansion at 50 Poplar Hill Dr, Farmington, CT 06032 at the time of the filing. In the form, 50 Cent reported assets worth between $10 million and $50 million. He claimed to have debts totaling the same amount.
The lawsuit came only days after a jury awarded $5 million to Rick Ross’ ex-girlfriend, Lavonia Leviston, for purposefully releasing a sex tape in which she appeared. The judgement included $2.5 million for unauthorized use of her image and another $2.5 million for emotional damage. In that case, the judge also directed Mr. Jackson to present documentation of income and wealth so that the jury might calculate additional punitive damages.
The $5 million judgment came roughly a year after a different judge ordered 50 to pay $17.5 million in damages in a trademark infringement case involving a former headphone firm partner. Before punitive damages were assessed in the sex tape case, he faced a potential legal judgment of $22.5 million.
The bankruptcy filing was at least somewhat strategic for the three reasons listed below:
- To prevent the judgement creditor (Lavonia Leviston) from disrupting his business operations and encumbering his assets.
- To bring the creditor to the bargaining table in order to reduce the $5 million judgment.
- To prevent the jury in the sex tape case from awarding Ms. Leviston additional punitive damages.
Source: www.ghgossip.com
