http://blogs.wsj.com/bankruptcy/2015/07/13/rapper-50-cent-files-for-bankruptcy/tab/comments/ Shows you can take the boy outta hood, but you cannot take the hood outta boy. No more shopping in the candy store for this POS.
That's surprising because he was hailed as being very financially astute. He made over a hundred million on vitamin water's sale to Coke. They had him on CNBC and he said that he bought Mike Tyson's home as a reminder of what can happen.
I highly doubt that will be the end of him. I believe he had an awesome deal with Vitamin water with a decent ownership stake. I'm sure he will be doing just fine. He is probably doing this to avoid paying the $5 million lawsuit as best as he can. Just looked it up and when he sold his stake in Vitamin Water to KO, it was estimated to be worth anywhere from $100m-400m, huge range, but regardless I'm sure he will still be quite rich in the end. I remember in 2010 or 2011 him tweeting about penny stocks and it being reported he made some serious cash off of it. Just a pump and dump.
Maybe he'll take his money all underground like OJ Simpson did then get screwed over cause life is tough like that..
In this day and age I don't know how anyone can expect to live off of $100M. Poor guy. Maybe we can start a go fund me for him?
Its just a business reoranization ploy. Trump did it often so do many more mainstream folks. Chapter 11 is a far cry from chapter 7. surf
He's just using the system to avoid both a 17MM and 5MM lawsuit verdicts against him. He was worth $150,000,000 after taxes from the Formula 50 deal and his record contracts in 2007. I believe some underwear company just inked him to a multimillion dollar deal very recently and he has a new movie coming out in a few months. My guess is he's still sitting on 50MM+ in assets (still a far cry from 150MM though)