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 case of get rich or succumb tryin than get solvent or die tryin. The rapper 50 Penny has now achieved his aim and emerged from insolvency, paying off debts of more than $22 m( 17.6 m ). A US federal judge discharged the rapper from insolvency 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 debts 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 said Thursday that he paid off the five-year plan early with $8.7 m of his own money and $13.65 m he received in a recent settlement of a legal malpractice suit against other attorneys.
50 Cents route to solvency had not been smooth. Among those he owed money to was Lastonia Leviston, to whom he had to pay$ 6m after acquiring a sex tape 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 contravene 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 said: The cash depicted in the social media postings is not real. The postings, which among other things, make use of stage or prop money, 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 depicts, videos and social media postings.