After a jury in New York City found 50 Cent, aka Curtis Jackson III, liable to the tune of $5 million dollars for his involvement in the dissemination of a sex tape, the rapper has filed for protection under Chapter 11 in Connecticut. “Fiddy” was sued by Lastonia Leviston for the infliction of emotional distress for his role in providing a crude commentary soundtrack for the sex tape at issue which featured Ms. Leviston. After compensatory damages of $5 million were levied against the rapper, the jury further found 50 liable for $2 million in punitive damages. While 50 listed assets and liabilities of between $10 and $50 million in his Chapter 11 filing, he appears to have been quite the savvy investor over the years. He was a stakeholder in the company that sold Vitamin Water to Coca-Cola Co. for more than $4 billion dollars in 2007. He also filed his bankruptcy petition in Connecticut, where he owns a luxury home once owned by Mike Tyson.
After hiring prominent Texas litigator, Bill Brewer, 50’s legal team described his Chapter 11 filing as a “strategic business move.” 50 himself was quoted as saying “Bankruptcy means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward.” Succinctly but correctly stated and pretty savvy on top of that!
If you are considering a filing for bankruptcy relief and wish to consult with a qualified bankruptcy attorney about your options, please contact one of our locations nearest you in Alabama, Mississippi or Tennessee for a free, confidential consultation.