50 Cent files for bankruptcy
50 Cent has filed for bankruptcy just three days after a woman won a $5 million lawsuit against him.
The rapper filed the papers on Monday, the same day he was due to testify in a $5 million sex tape lawsuit. The 40-year-old had been engaged in a legal war with Lavonia Leviston, a woman who shares a child with fellow emcee Rick Ross.
The lewd footage was uploaded to YouTube, as part of the men’s ongoing feud and featured Lavonia fornicating with her ex-boyfriend Maurice Murray. The singer superimposed his own photo onto Maurice so that the tape would taunt his rival. Jurors in the civil suit against the Animal Ambition hitmaker deliberated for only 70 minutes last week before returning their verdict and demanding the star pay the $5 million for Lavonia’s emotional distress.
50 was due to hand over a net worth statement plus his state and federal tax returns for the past five years so the jury could calculate damages in addition to this money. However the Connecticut Chapter 11 bankruptcy filing says 50 has $10 to $50 million in assets and $10 to $50 million in liabilities which puts his creditors at between one and 49.
However in May, Forbes magazine cited the star as having a net worth of $155 million.
It isn’t the first time the Candy Shop singer has filed a bankruptcy claim this year. In May he tried to avoid the sex tape case by filing for bankruptcy on behalf of his boxing promotions company, SMS Promotions, but a federal judge ruled that the civil case had to go forward and threatened the rapper with sanctions.
50 or his representatives are yet to comment further on the new bankruptcy filing.
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