50 Cent has finally ended his bankruptcy case after a judge signed off a deal that sees the rapper (real name Curtis Jackson) paying out $23 million to his creditors over the next five years.
Mr. Jackson is pleased that the Bankruptcy Court approved his plan of reorganization today, less than one year after filing for chapter 11 to reorganize his financial affairs.
The rapper’s lawyer said in a statement. He continued:
Mr. Jackson’s plan of reorganization received overwhelming support from his creditors and was confirmed without objection. The consensual plan resolves all of his creditors’ claims and was the product of Mr. Jackson’s good faith negotiations with his creditors and their confidence in his future prospects. Mr. Jackson appreciates the fresh start this process provides and looks forward to continued success in his personal and professional pursuits.
The debt is spread over two separate cases. Jackson owes $17 million to audio company Sleek Audio and $6 million to his ex-girlfriend Lastonia Leviston. Jackson was forced to file for bankruptcy after losing a privacy lawsuit to Leviston last year, after she claimed that the rapper acquired a sex tape she had made with her boyfriend, Rick Ross, and posted it online without permission.
He probably won’t have any trouble paying it: 50 is set to host a new A&E sketch comedy titled 50 Cent Presents, and will also be playing himself in My Friend 50, an upcoming comedy TV series that follows fictional character Amanda Kramer, a young 20-something year old woman who joins 50 Cent’s entourage.
Meanwhile, Beyoncé just issued a call to action on police brutality.
- Source: Rolling Stone