50 Cent’s SMS Promotions boxing company says it is in the clear to move forward without bankruptcy protection after settling with its major creditors. According to The Jasmine Brand, 50’s organization filed documents May 4 to ask for the Chapter 11 bankruptcy case to be dismissed.
SMS Promotions first filed bankruptcy in May 2015, claiming debt between between $100,000 and $500,000. It then claimed liabilities of $2.3 million.
Since the initial filing, 50 Cent has had to battle in court with some of SMS’ fighters. Ryan Martin was freed from his contract with the promotion company and will give SMS a percentage of his future fights and promotion deals.
The rapper won a lawsuit from Yuriorkis Gambo after a judge ruled the boxer’s contract with SMS was still valid.
50 Cent filed for his own bankruptcy protection in July. His case is ongoing.
(This article was first published May 26, 2015 and is as follows.)
50 Cent’s SMS Promotions filed for bankruptcy yesterday (May 25), according to TMZ.
Court documents filed in Connecticut claim that the company has between $100,000 and $500,000 in debts.
An SMS Promotions attorney says that the company filed for Chapter 11 bankruptcy as it plans its return.
“Under the direction of Mr. Jackson, SMS Promotions looks forward to reorganizing as a new corporate entity and becoming one of the leading promotion companies in the world of professional boxing,” the attorney says, per TMZ.
50 Cent founded the company in 2012.
The Queens, New York rapper’s company has represented such clients as Yuriorkis Gamboa, James Kirkland and Olympic medalist Andre Dirrell.
For additional 50 Cent coverage, watch the following DX Daily:
U win some u lose some
But u live, u live to fight another day
Very touching
50 IS SMART, HE KNOWS WHAT HE IS DOING.
PUSSY FUCK YO MAMA
@ BK FINEST KITT FLASH, usually he does, but I think with this company he was banking on Floyd Mayweather being down with him and when that didn’t happen shit just didn’t make sense.
DAMN HOMIE YO FIF IN ’06 YOU WAS THE MAN HOMIE. FUCK HAPPENED TO YOU?
fk the bankruptcy law
Damn homie…whut the f*ck jappend to you?
Gamboa was on the rise he got with you and got KO’d.
Kirkland was on the rise he got with you and got KO’d.
Direlle was on the rise he git with you a d git dropped by a Briton & lost a descision.
….poison ass energy.
He can’t fight for em
Must be a catch
hiphopi is my life
this article makes no sense
Ha ha ha ha 50 lol. What goes up must come down and boy you on your way down
How many times has Donald Trump & Oprah filed for bankruptcy? There’s positive strategy in it, but not most of the time
So lol who cares, it’s just one of the niggas many company’s this shit always happens in business…smh
…He did that so he does not have to pay the 16 Million Lawsuit!!!…Smart Donald Trump…
@ Star Black, and he told you that right? ha ha get his dick out yo mouth little Stan ass nigga
The 16 mil is sms audio not sms promotion, 2 diff entities
Chapter 11 is not the same as chapter 7,its similar to saying to your phone Carrier I dont have it now but I will in thirty days .lol.Its light its not closing .Its very smart.Its usually done to prevent a law suit .
This!
CURTIS CURTIS CURTIS CURTIS CURTIS CURTIS CURTIS
buck tooth lost 12 million in boxing – lost another 16 million only 2 week ago CURTIS CURTIS ( why dont u buy a tombstone for the real 50 cent) CURTIS!!!!!!! Half ass Ghetto Qua ran n**** – CURTIS CURTIS
But uhhh he’s still worth 180mil soooo I think he’ll be good
do yall know how many times donald trump went bankrupt?
no one ever brings up how jigga lost tens of millions trying to buiild a hotel
the hate up here is crazy from to where he is at now he still winning what about you
i havent even peeped a comment yet and i can guarntee the troll level will be high AF lmao.
Jay failed with a hotel, cars oh & let’s not forget 40/40 multi shut downs
How come this ain’t on “ThisIs50”? #FauxNews
Yeah because that’s something 50 cent would want on his website and people to know…dumbass
Kanye west admitted to losing $13 million dollars cash on his clothing company before it went under. He blamed it on ignorance.
Yo it’s the kid 50 cent smmfh Wat the funk happened Curtis, u ain’t jay z you ain’t puffy them guys all bout dollars who the fuck is 50 cent
LOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOL
LOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOL
LOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOL
LMAO
LOOOOOOOOOOOOOOOOOL
ur a true hater if you believe this rumor…lmao! Disney and Lucas Films have deals with SMS.
Sms promotions not sms audio went bankrupt 2 diff companies
When idiots on here don’t know the difference between broke and Bankruptcy lol
This dude talks all that junk about Jigga and his businesses not going to succeed, but this dudes business is filing a chapter 11? Got your house in order before you comment on someone else’s… Last I heard, Jigga is making money where he is.
Like I put the toast to your head and made you sell
We both came in this game, blind as hell
I did a little better, had more clientele
Told you put away some cheddar now you cryin for bail
Seventeen and I’m holdin on to around a mill
I could bail out and blow trial and come around on the pill
Had niggaz thinkin I was from Uptown for real
I had so much hustle plus I was down to ill
Like a Brooklyn nigga, straight out of Brownsville
Down and dirty, down to fight the round thirty
Freezin on them corners still holdin my crack
Lookin up and down the block, the fuck is the dough at?
Came from flat broke to lettin the dough stack
You tell them feds I said I’m never goin back
I’m from Marcy, and Marcy don’t raise no rats
You know the consequences of your acts, you can’t be serious
bail out blow trial and come around on *appeal
Not even his business, just a spokesman
I just came here to count all the fragmented sentences
It’s funny to me that people don’t see how stupid it is that the highlight of their day is coming to a site to try to poke fun at an entrepreneur with a net worth of 140m who has a company 100k-500k in debt. Do you know what net worth is? If someone you knew had a $1000 and they lost 25 cents, would you care enough to go to a website and talk shit about it? Also… if you were educated enough to know anything about business and the US financial system, you would know that chapter 11 is what you do in a situation like this. Also… SMS Promotions isn’t the same as SMS Audio; I’m sure some of you think that as well.
You are stupid
I DONT CARE ABOUT THIS, I ONLY PAY ATTENTION TO THE L’S.
got damn you are a loser kid, you the real FRAUD. also get a JOB you Bum.
Jay z stole all his fighters coz shoe shine curly couldn’t get them a fight or pay them, jay n diddy must be laughing there balls of at this nigga