According to the NY Daily News, 50 is in the process of making a deal with creditors that would require him to pay 74 percent of what he owes.
That deal includes the $6 million settlement with Lastonia Leviston, Rick Ross‘ ex-girlfriend, who filed suit against him after 50 released her sex tape onto the internet.
The new arrangement comes after 50 (Curtis Jackson) was reprimanded by the court for posing with large amounts of money on his Instagram. He was also flagged for posting about his “crib in Africa,” which wasn’t listed in his assets. Fifty, of course, says the home doesn’t actually exist.
During the two and a half hour-long hearing presided over by U.S. Bankruptcy Court Judge Ann Nevins, both sides argued over 50’s odd claims, including when the rapper said he had $44 million in accounts receivable, but retracted that statement a week later.
Jackson doesn’t think his Instagram pictures should affect the court case, telling the NY Daily News, “She’s making it like they’re the same kind of sworn statements. I have no comment. I’m putting what I have to say up on Instagram.”
The Daily News reports:
Lawyers for Jackson and the creditors opposed having an examiner look more deeply into more than two dozen limited liability corporations that are the sources of his income. They said it would cost money and take more time.
Nevins said she would issue a decision about appointing an examiner at a later date.
In the meantime, 50 shows no signs of censoring his Instagram posts.
SOURCE: NY Daily News | PHOTO CREDIT: Getty, Splash, Twitter | VIDEO SOURCE: Inform
50 Cent's Most Lucrative Business Endeavors
1. SMS Audio: This company that primarily sells headphones was founded by 50 Cent in 2011. In the same year, the company acquired Kono Audio. As far as the competition goes, he once said Dr. Dre's "Beats is Nike. We're Adidas."Source:Getty 1 of 8
2. Power: 50 Cent is into all sorts of entertainment. Though he obviously stars in the Starz hit series "Power," did you know he also produced the show? "Power" holds the "most viewers ever for a Starz original series" record.Source:Getty 2 of 8
3. Vodka: 50 Cent has recently partnered with Effen Vodka. The "ultra-premium" liquor comes in lots of flavors, including Black Cherry, Dutch Raspberry, Cucumber, and Salted Caramel.Source:Getty 3 of 8
4. SMS Promotions: 50 Cent started this boxing promotional company after his joint project with Floyd Mayweather, TMT Promotions, failed. Though SMS Promotions reportedly declared bankruptcy this year, it previously promoted boxers such as Andre Dirrell, Chris Galeano, and more.Source:Getty 4 of 8
5. SK Energy: Street King is an energy drink created by 50 Cent and his partner Chris Clarke. It boasts a variety of flavors, and was rebranded as "SK Energy" in 2012.Source:Getty 5 of 8
6. Frigo Underwear: 50 Cent put his insane body on full display in a series of advertisments for the underwear company this year.Source:Getty 6 of 8
7. VitaminWater: 50 Cent made $100 million after selling his stake in the privately owned company.Source:Getty 7 of 8
8. G-unit: We can't forget about the clothing company that 50 Cent started in 2003 and relaunched in 2010. 50 maintains full ownership of the clothing line.Source:Getty 8 of 8
50 Cent Reaches Bankruptcy Deal With Creditors Over Debt was originally published on globalgrind.com