A judge has approved 50 Cent’s proposed, bankruptcy payment plan.
Bankruptcy may soon be a thing of the past for Queens rapper 50 Cent if a bankruptcy payment plan is approved by 50’s creditors. MarketWatch.com reports that as part of the payment plan, the musician will be required to pay a little over $23 million in future earnings to his creditors.
Among the creditors looking to get into 50’s pockets are Sunburst Bank, Sleek Audio LLC, SunTrust Banks Inc., and ASCAP. 50 Cent’s total debt stands at $32.6 million, and with the proposed plan he’ll have to pay between 74% and 92% of that amount.
According to MarketWatch.com, the rapper shared his belief that “reorganization under the plan is feasible and that the plan provides for the greatest recoveries.”
The payment plan has already been approved by a judge in the matter, but will also have to be voted on by 50 Cent’s creditors. Voting is scheduled to take place later this month.
50 Cent filed for chapter 11 bankruptcy protection nearly one year ago. The announcement came shortly after he was ordered to pay Rick Ross’ ex, Lastonia Leviston $5 million, after posting a sex tape of the woman online.
For additional 50 Cent coverage, watch the following DX Daily:
Thats alot of mullah. All over some silly “beef” smarten up Fif
Has nothing to do with beef
It’s has more to do with than just headphones, you fucking idiot. He lost near six mill to ross baby mama over that video, you moron.
It’s has more to do with than just headphones, you fucking idiot. He lost near six mill to ross baby mama over that video, you moron.
Only just under 10 percent of his lawsuits was about a beef, so how overdramatical angry ass say its over beef? Lol
Just so yall can comprehend what this means, basically fif will be able to stretch the payments out over a looong period of time, and the money he already had is not gonna be touched, all his assets and liquid currency will not be touched….so thats a major win
Let me brake ot down to yall iller ;-)….if i only have a $100 and bet one of yall dumbos $100 on a bet, you win, then i should be broke right? Well i file chapter 11 and protect that hunned cause thats all i got, then the judge awards me or grant me a payment plan….now i start out by giving you $1, then next year i give your ass 50 cents lol, then another dollar in 3 years….by the time i am done paying you that hunned loses value…….rick ross baby momma made out good but she gonna see that 5 mill in probably 50 years lmao
Truth!!
Truth!!
LMAOO, 50 dickridas be deepthroating him hard, smh.
After reading this, you guys do realize this is a win for 50 cent right. This is what he went to court for, an the judge gave him what he wanted.
Yeah, losing MILLIONS over ones inflated ego is a “win”
50 just made that skank a multi millionaire over some bullshit, smfh. That is one of the biggest L’s in hiphop history.
Some of you people are just straight haters and not even looking at the facts. 50 have up to 5 years to pay it off, the reality is, the woman will probably walk away with less than 2 mill, well let’s assume her lawyers probably take more than 40% since she didn’t have to pay them upfront, then comes Uncle Sam for taxes. And the fact that that money will be spread out, when it’s all done, it won’t worth much unless the woman is smart and knows how to save. As for 50 it’s still a loss but he was smart enough to make this whole thing work out in his favor of the creditors agreed, because this could’ve been really worse for him and he was able to keep all his assets. So it’s a lost but not what it could of been. This dude is tie into other businesses but he can’t really promote it because of what’s going on but wait till all this shit is over with, you will see a whole lot of his business including that resort him and his partners have in Africa