50 Cent strikes deal with creditors
50 Cent is hoping to resolve his bankruptcy case by the end of the year (16).
The In da Club hitmaker, real name Curtis Jackson, filed for bankruptcy in a Connecticut court last July (15) and is reported to owe a slew of creditors a total of over $30 million (£21.2 million).
He was summoned to a hearing on Wednesday (09Mar16) to answer questions about his assets after flaunting wads of cash on social media, including one photo in which he spelled out the word 'broke' with stacks of $100 bills.
In legal papers filed on Tuesday (08Mar16), the hip-hop mogul insisted the money was fake and simply to keep up appearances, and the musician's lawyers continued to argue his case in front of U.S. Bankruptcy Judge Ann M. Nevins on Wednesday.
During the hearing, his defence team insisted 50 has been upfront about all of his assets, worth an alleged $65 million (£45.8 million), as his lawyers objected to requests to have an independent investigator examine his finances in more detail.
The judge declined to rule on the motion for an independent examiner until a later date, but admitted she was leaning towards the idea.
"(A court-appointed examiner would) would resolve lingering doubts that what's going on is not being taken seriously by the debtor and by the courts," she stated. "If we don't go that route, we've invited a certain level of disrespect for the bankruptcy process."
Meanwhile, 50 Cent's lawyers also revealed he had reached a deal with creditors which could free him from bankruptcy later this year (16), reports the New York Daily News.
The agreement, which still needs the judge's approval, requires 50 Cent to pay around 74 per cent of what he owes his biggest creditors. Among those receiving settlements would be Lastonia Leviston, the former lover of 50's rap rival Rick Ross, who successfully sued the star for leaking footage from her sex tape, and won $7 million (£4.9 million) in damages. 50 filed for bankruptcy shortly after the court loss.
- Cover Media