50 Cent discharged from bankruptcy after paying off $22 m of debt
The rapper reached his target nearly five years early, helped by a $13.65 m legal malpractice suit going in his favour
It was a less a case of get rich or succumb tryin than get solvent or die tryin. The rapper 50 Penny has now attained his aim and emerged from insolvency, paying off debts of more than $22 m( 17.6 m ). A US federal magistrate discharged the rapper from insolvency on Thursday at a hearing in Hartford, Connecticut.
The rapper, who exploded onto the music scene in 2003, filed for chapter 11 reorganisation in 2015, citing debts of $36 m and assets of less than $20 m. Judge Ann Nevins approved a scheme in July calling for 50 Cent, whose real name is Curtis Jackson III, to pay back about $23 m.
Jacksons lawyers told Thursday that he paid off the five-year scheme early with $8.7 m of his own fund and $13.65 m he received in a recent settlement of a legal malpractice lawsuit against other lawyers.
50 Cents route to solvency had not been smooth. Among those he owed fund to was Lastonia Leviston, to whom he had to pay$ 6m after acquiring a sex videotape she made with her boyfriend, adding his own commentary and posting it online.
When he filed for insolvency in summer 2015, he promptly posted a photo on Instagram demonstrating stacks of banknotes spelling out the word transgres and posted a video claiming my crib is almost finished in Africa.
When called to explain this by the bankruptcy tribunal last year, his lawyers told: The money depicted in the social media postings is not real. The postings, which among other things, make use of stage or prop fund, are part of the debtors routine social media marketing activities and relate directly to the debtors various business interests. Prop money is routinely used in the entertainment industry, including in movies, television shows, videos and social media postings.