A Dollar Ain’t Worth What It Used to Be, and Neither is 50 Cent …

[Guest Starbuck]

Or so he says.

 

In May, FORBES estimated that rapper 50 Cent (a/k/a Curtis James Jackson III) was worth $155 million.

 

What a difference a couple of months make. Now he’s filed for bankruptcy protection—just days after a jury ruled that he must pay $5 million to a woman suing him over a sex tape.

 

In a statement, a lawyer for 50 Cent said, “This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer."

 

(So that’s a relief, right? Whew!)

 

50, aged 40, has sold 30 million albums. His stake in VitaminWater reportedly netted him tens of millions when Coca-Cola bought the brand in 2007.

 

Ain’t it wonderful when the law lends a helping hand?

[Kevin Slater]

Dollar Losing Value Against The Quarter

http://www.theonion.com/article/dollar-losing-value-against-the-quarter-4641

 

Kevin Slater

[+ quoththeraven]

On a more serious note, income does not equal net worth. Liabilities/debts can easily exceed assets, especially if some assets aren't liquid and/or you're leveraged to the hilt. Totes believable to me.

[rvwnsd]

This could be a tactic to get out of paying the $5million.

[Guest]

This could be a tactic to get out of paying the $5million.

http://st.elohell.net/public/chill/31ac230167abe5f936d52acfb3c1bf62.jpg

 

http://orig11.deviantart.net/daf5/f/2012/278/8/c/no_shit_sherlock_by_inferno111-d5gx61h.jpg

[rvwnsd]

http://st.elohell.net/public/chill/31ac230167abe5f936d52acfb3c1bf62.jpg

 

http://orig11.deviantart.net/daf5/f/2012/278/8/c/no_shit_sherlock_by_inferno111-d5gx61h.jpg

You were directing that at the posters who could not believe he was filing for bankruptcy, right?

 

Oh, you weren't?

 

 

http://www.hardcorecloser.com/wp-content/uploads/2014/04/head-up-ass.jpg

[robberbaron4u]

May I suggest "Plug Nickel" as a new stage name for "Fifty Cent"?

[+ quoththeraven]

This could be a tactic to get out of paying the $5million.

 

But it doesn't work if he doesn't meet the criteria for bankruptcy protection. If he's capable on paper of paying dollar for dollar, he's wasting the court's time. And while shenanigans are not impossible, they're difficult. Not only will every listed creditor have a lawyer, the U.S. Trustee's office is involved in every case. Then there's court oversight. Believe me, bankruptcy judges are capable of detecting financial nonsense. That's part of what they're there for.

 

Note to self: it would be interesting to see which chapter he filed under. My guess is Chapter 11, reorganization, which is another word for restructuring but can be turned into a liquidation without the expense and hassle of a Chpater 7.

[bigvalboy]

It was Chapter 11...

[+ quoththeraven]

It was Chapter 11...

 

Not at all surprised about that. If anyone cares, the statements listing his debts that need to be filed should make for interesting reading. They are signed under penalty of perjury. Also, bankruptcy involves an "examination" of the debtor at which the other parties get a crack at interrogating him. It's similar to a deposition, except I believe as a court function (these take place at the courthouse) they are generally open to the public. Once again, testimony is offered under the penalty of perjury.

[rvwnsd]

But it doesn't work if he doesn't meet the criteria for bankruptcy protection. If he's capable on paper of paying dollar for dollar, he's wasting the court's time. And while shenanigans are not impossible, they're difficult. Not only will every listed creditor have a lawyer, the U.S. Trustee's office is involved in every case. Then there's court oversight. Believe me, bankruptcy judges are capable of detecting financial nonsense. That's part of what they're there for....

 

People will pursue various avenues to dismiss liabilities they feel are unjustified. It comes down to a risk/benefit calculation. There's a decent probability that the bankruptcy filing will be deemed frivolous or fraudulent and the attorney's fees and court/filing costs will be for naught. That is the risk. There's also a probability that the bankruptcy filing will not be deemed frivolous/fraudulent and proceed. In that case, the benefit (having the liability discharged) would outweigh the costs.

[Guest Starbuck]

Oh, well ... that didn't work as intended ...

 

Curtis "50 Cent" Jackson has been denied in his attempt to delay proceedings in a legal case involving a sex tape he leaked online.

 

The rapper, who declared Chapter 11 bankruptcy after a jury rendered a $5 million verdict against him in the case, lost a bid to keep an automatic stay in the case in place. Which means that a jury can go forward in determining whether punitive damages can be levied on the hip-hop mogul.

 

Jackson was successfully sued by Lastonia Leviston, who accused the rapper of posting a sex tape of her online, presumably to humiliate fellow rapper Rick Ross, with whom Leviston has a child. (The video depicts Leviston with another man.)

 

Earlier this month, a jury awarded $5 million to Leviston, and proceedings to determine punitive damages were to follow. Jackson quickly filed bankruptcy.

 

On Monday, Leviston filed a motion for relief from the automatic stay that the case would have been placed on the case as part of the Bankruptcy Code, contending, among other things, that a verdict had already been entered and that "the only matter left to resolve in the State Court is whether there are punitive damages to be awarded."

 

Jackson's legal team fired off an objection to Leviston's motion on Thursday, arguing that he filed bankruptcy "to obtain the full protections of the bankruptcy laws, including the benefit of the automatic stay, in order to reorganize his financial affairs in a reasonable and timely manner."

 

The objection also played up Jackson's modest upbringing, noting, "Given the publicity that Mr. Jackson's Chapter 11 filing has triggered, it is easy to forget that Mr. Jackson grew up in poverty in South Jamaica, a rough neighborhood of Queens, New York."

 

But bankruptcy judge Ann M. Nevins wasn't buying Jackson's argument. On Friday, she ruled in Leviston's favor writing, "the automatic stay ... is hereby terminated" and that the New York State Supreme Court "may proceed to the entry of a judgment."

[bigvalboy]

Oh, well ... that didn't work as intended ...

 

Curtis "50 Cent" Jackson has been denied in his attempt to delay proceedings in a legal case involving a sex tape he leaked online.

 

The rapper, who declared Chapter 11 bankruptcy after a jury rendered a $5 million verdict against him in the case, lost a bid to keep an automatic stay in the case in place. Which means that a jury can go forward in determining whether punitive damages can be levied on the hip-hop mogul.

 

Jackson was successfully sued by Lastonia Leviston, who accused the rapper of posting a sex tape of her online, presumably to humiliate fellow rapper Rick Ross, with whom Leviston has a child. (The video depicts Leviston with another man.)

 

Earlier this month, a jury awarded $5 million to Leviston, and proceedings to determine punitive damages were to follow. Jackson quickly filed bankruptcy.

 

On Monday, Leviston filed a motion for relief from the automatic stay that the case would have been placed on the case as part of the Bankruptcy Code, contending, among other things, that a verdict had already been entered and that "the only matter left to resolve in the State Court is whether there are punitive damages to be awarded."

 

Jackson's legal team fired off an objection to Leviston's motion on Thursday, arguing that he filed bankruptcy "to obtain the full protections of the bankruptcy laws, including the benefit of the automatic stay, in order to reorganize his financial affairs in a reasonable and timely manner."

 

The objection also played up Jackson's modest upbringing, noting, "Given the publicity that Mr. Jackson's Chapter 11 filing has triggered, it is easy to forget that Mr. Jackson grew up in poverty in South Jamaica, a rough neighborhood of Queens, New York."

 

But bankruptcy judge Ann M. Nevins wasn't buying Jackson's argument. On Friday, she ruled in Leviston's favor writing, "the automatic stay ... is hereby terminated" and that the New York State Supreme Court "may proceed to the entry of a judgment."

 

Looks like he is right behind David Cassidy...

 

David Cassidy's Fort Lauderdale home

headed for bankruptcy auction... (One of three he's lost in the last few years.)

 

https://homes.yahoo.com/blogs/spaces/david-cassidy-bankruptcy-auction-florida-home-013918978.html

 

[+ quoththeraven]

All I can say is "burn." If he's got no case, bankruptcy court is the wrong place to be and his attorney is a jerk.