Is he not broke?
50 Cent is known to flaunt his money whenever he can, but, this year, he’s had to calm most of that down. The Queens rapper filed for bankruptcy earlier this year, and many were speculating as to whether he was actually broke. 50 has been trying to get the case resolved for the past year or so, and it looks like he’s close to reaching a conclusion to his financial crisis.
50 Cent filed for Chapter 11 bankruptcy last year.
Back in July of 2015, the rapper lost a lawsuit against the baby mother of Rick Ross, and was ordered to fork over $5 million to her. Following the lawsuit, 50 filed for Chapter 11 bankruptcy, with many wondering if he truly was going broke, or if he was just protecting his assets.
He has finally resolved the case.
Fast forward to today, the rapper has reached a resolution in the case, according to TMZ. His lawyer released a statement that read, “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. Mr. Jackson appreciates the fresh start this process provides.”
The resolution, however, comes with a hefty price.
The judge is ordering that 50 Cent pays his creditors a total of $23 million, which will be spread over the course of 5 years. $17 million of that total will go towards Sleek Audio, while Lastonia Leviston, the mother of Rick Ross’ child, will receive $6 million. This is actually the plan that the rapper pitched to the court initially, but it’s just not receiving approval.