50 Cent is no longer getting money. The rap mogul has filed for bankruptcy, three days after Rick Ross' baby mama won a $5 million jury judgement against him.
The six jurors awarded Lastonia Leviston the money after determining that 50 intentionally leaked a sex tape in which she was featured, in order to embarrass his rival Ross.
50 has been ordered to produce proof of income and worth so the jury can determine punitive damages. The disclosure would have given a look into his financial background.
According to Page Six, 50 claims his assets are valued between $10 and $50 million, but his liabilities are also between the same range.
But the initial Chapter 11 bankruptcy filing says Jackson has $10 to $50 million in assets and $10 to $50 million in liabilities. It puts his creditors at between 1 and 49.
50 also lost a court case in which a jury fined him $17.2 million for ripping off his SMS Audio headphones design.
The bankruptcy filing comes as a surprise as the rapper had a reputation for being among the wealthiest in hip-hop. Earlier this year, Forbes estimated his net worth at $155 million.
via Rap-Up http://ift.tt/1HXOoq6
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