The filing was a surprise to 50 Cent fans as The New York Times just described him as a man of “exceptional business instincts” and Forbes pegged his net worth at $US155 million in May, thanks largely in part to a massive deal with Vitamin Water in 2007.
William A. Brewer III, partner at Brewer, Attorneys & Counselors, and counsel to the rapper, released a statement to Billboard late Monday explaining the filing:
“The filing allows Mr. Jackson to reorganise his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests. Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case. This filing for personal bankruptcy protection permits 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.”
Additionally, the filing could be a protective move after 50 Cent was ordered on Friday to pay
Lastonia Leviston $US5 million as a result of a sex tape that he posted in 2009 allegedly as part of an attempt to stir the pot with rival rapper Rick Ross.
Hunter Shkolnik, Leviston’s lawyer, told Business Insider, “We think this is a failed attempt to avoid paying this woman who has been hurt so badly by his actions.”
One source familiar with the matter speculated to BI on Monday that the move is an attempt to wrangle better settlement terms from Leviston. The source further speculated that this could be a way to get Leviston to accept a discounted settlement.
Despite the rapper’s filing on Monday, it appears he still has a sense of humour about himself.
After the bankruptcy news broke, he posted to his 5.4 million Instagram followers:
“Times are hard out here LMAO #EFFENVODKA #FRIGO #SMSAUDIO”
A far cry from his usual showy posts like this:
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