50 Cent Settles Bankruptcy Case with $22 Million Payment [Details]
Rucuss staffFebruary 4, 2017
50 Cent is debt free.
50, who real government name is Curtis Jackson, reportedly paid more than $22 million to end his bankruptcy case. Judge Ann Nevins approved the discharge of 50’s bankruptcy case on Feb. 2.
Last year, Nevins approved a five-year plan for 50 to pay back around $23 million. But this week, 50’s attorney said that his client paid off the debt early with $8.7 million of his personal funds along with $13.65 million from a recent settlement of legal malpractice against lawyers who represented him in a Sleek Audio case back in 2014. In December, 50 received $14.5 million after suing that law firm.
50’s legal team issued a statement on the settlement at the time.
“We are informed that these proceeds, together with other funds contributed by Mr. Jackson should position the Estate to provide for the remaining obligations to be satisfied in connection with this successful Chapter 11 Reorganization Plan,” the 50’s attorneys wrote. “This is a most significant achievement, especially considering that the Plan was approved less than six months ago and provided Mr. Jackson with up to five years to satisfy all debts. Mr. Jackson is eager to move forward in doing what is best for his estate and creditors, and this settlement brings us one step closer toward that end.”
Jackson filed for Chapter 11 in 2015 after he accumulated debts up to $36 million. His assets at the time was worth less than $20 million.
“The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests,” 50 legal team said at the time. “Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the Chapter 11 case. This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs.”
Photo via New York Magazine
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