50 Cent discharged from insolvency after be paid by $22 m of indebtednes
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 lawsuit of get rich or die tryin than get solvent or die tryin. The rapper 50 Penny has now attained his aim and emerged from bankruptcy, paying off debts of more than $22 m( 17.6 m ). A US federal judge discharged the rapper from bankruptcy on Thursday at a hearing in Hartford, Connecticut.
The rapper, who burst onto the music scene in 2003, filed for chapter 11 reorganisation in 2015, quoting liabilities of $36 m and assets of less than $20 m. Judge Ann Nevins approved a plan 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 plan early with $8.7 m of his own fund and $13.65 m he received in a recent settlement of a legal malpractice suit against other lawyers.
50 Cents route to solvency had not been smooth. Among those he owed fund to was Lastonia Leviston, to whom he had to pay$ 6m after acquiring a sexuality tape she made with her boyfriend, adding his own commentary and posting it online.
When he filed for bankruptcy in summer 2015, he promptly posted a photo on Instagram proving stacks of banknotes spelling out the word broke 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.