50 Cent May Be Close to Making a Deal in Bankruptcy Case
At the center of the ongoing 50 Cent bankruptcy case is a struggle to determine the rapper's actual worth and holdings. While 50 himself claimed to have $16 million worth of assets, suspicions were raised due to photos posted to social media that showed the rapper flashing large sums in a seemingly nonchalant way. 50 claimed that the money was simply a prop, leaving many to wonder when and how a resolution would be reached.
But after 50's day in a Connecticut bankruptcy court on Wednesday (Mar. 9), the Hartford Courant is reporting that lawyers for the Power executive have reached deals with the creditors who hold more than 95 percent of his debts. If the deal is approved by U.S. Bankruptcy Judge Ann Nevins, all secured creditors would be paid in full while unsecured creditors will be paid between 74 and 92 percent of what they are owed over five years. 50 filed for bankruptcy back in July after he lost a lawsuit for leaking a sex tape of Rick Ross and the mother of his child. Though he reached a $6 million settlement, 50 claims that his assets currently total $19.86 million while his liabilities stand at $36.09 million.
Those figures remain a point of contention in the case, with Holley L. Claiborn, a lawyer for the U.S. Trustee, pointing to the photos posted to Instagram as an indication that 50 is mocking the process. She asked the judge to appoint an independent examiner to look into 50's finances, as en examiner "will resolve lingering doubts that what's happening isn't being taken seriously by the debtor," according to Claiborn. She added that the boastful photos "invited a certain amount of disrespect for the bankruptcy process." Both 50 and his lawyers maintained that the photos were for show as part of 50's celebrity persona and as promotional efforts for different business ventures.
50's lawyers made the case that the IG posts maintain the rapper's brand and that as a hip-hop figure, he has to project aspirational aspects of his lifestyle to fans. By using social media, 50's lawyers said, he has been able to continue working and stay engaged with his audience. Two of 50's largest creditors received needed clarity on the photos saying they now understand how hard the rapper works.
The judge in 50's case did not appoint an examiner on Wednesday, but said that she'd consider the request, and approved the hiring of a law firm to help with the sale of 50's Conn. mansion. Read the full story over at the Hartford Courant and check 50's Instagram for future official comment.
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