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Post by Babu Baboon on Feb 20, 2016 10:34:11 GMT -6
The rapper "50 Cent" is heading to court to explain why he's declaring bankruptcy -- while posting pictures of himself surrounded by cash on Instagram.
Curtis J. Jackson III filed for bankruptcy in July. He claims that he still makes millions, but that a flood of expensive lawsuits is killing him.
The guy who got famous for his 2003 album called "Get Rich or Die Tryin" has poked a lot of fun at his financial situation. But now U.S. Bankruptcy Judge Ann M. Nevins is worried the rapper is being outright dishonest.
Since October, 50 Cent has posted several photographs on Instagram of him playing with cash. In one, he's in bed surrounded by dozens of stacks of $100 bills -- easily $50,000 in that picture alone.
In another, he stacks the Benjamins to spell out "B-R-O-K-E."
In court on Thursday, the judge told the rapper's attorney: "I'm concerned about allegations of nondisclosure or a lack of transparency in the case."
CNNMoney listened to audio recordings of the Hartford, Connecticut hearing.
"There's a purpose of having a bankruptcy process be transparent, and part of that purpose is to inspire confidence in the process," the judge said, adding that bankruptcy court is where "an honest but unfortunate debtor can come into court and seek relief."
"When that process becomes very public, the need for transparency, I believe, is even higher," she told the rapper's lawyer, James Berman.
Judge Nevins ordered the rapper to show up in court. On Friday, the rapper's legal team issued a statement saying he would show up "to make sure that all questions have been addressed."
"Mr. Jackson has been forthcoming and transparent with all creditors," his lawyers assured.
This issue was brought up in court papers filed in January by headphone maker Sleek Audio, SunTrust Bank (STI) and 50 Cent's ex-girlfriend Lastonia Leviston, three claimants in the bankruptcy case who say they're owed a combined $29 million.
In court documents, they also say 50 Cent has posted pictures of huge public performances he probably got paid for -- even though he hasn't reported that to the court.
They also pointed out that 50 Cent never admitted he owned property that he later disclosed on Instagram, saying: "My crib is almost finished in AFRICA. I'm gonna have the craziest housewarming party ever."
The trio said the rapper also hid in court papers the fact that he trademarked the valuable "50 Cent" brand back in 2004.CNN's Sonya Hamasaki contributed to this story.[/font]
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Post by mh on Feb 20, 2016 17:37:37 GMT -6
forbes estimated him being worth $155 million last year! The rapper reportedly earned $150 million that year. In May 2015, Forbes published its "Hip Hop's Wealthiest Artists 2015” list and estimated 50 Cent's net worth at $155 million.Jan 27, 2016  |
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Post by Babu Baboon on Feb 20, 2016 20:29:06 GMT -6
$155 million?!! When's the last time anyone said anything about 50 Cent? Freaking Kanye West is broke and this guy is making the richest hip hop guys list?
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Post by mh on Feb 20, 2016 22:17:59 GMT -6
well, that cristal cost money!  i don't think the old white guys at forbes magazine understand the roller-coaster ride of bein' a damn gansta |
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Post by mh on Feb 20, 2016 22:21:58 GMT -6
yeah, too soon after the hilary thing, but i don't care. i'm representin'!!
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Post by Babu Baboon on Feb 23, 2016 12:52:06 GMT -6
It's funny how these rappers, sweepstakes and lottery winners go nuts after they hit big.
If I were to inherit a fortune or win the powerball, I think my one big expense would be to get myself a deserted island so I wouldn't suddenly find myself with a posse of old high school buddies and long lost relatives wanting to help me spend my money.
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Post by mh on Feb 24, 2016 21:47:42 GMT -6
kanye on twitter: 'cosby innocent!!!' he's gotta be doing this stuff just for attention
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Post by Babu Baboon on Feb 25, 2016 8:57:40 GMT -6
Either that or he's been raiding Bobby Brown's crack bin.
I don't see how defending Cosby could be good attention. It's like Tila Tequila sympathizing with Hitler.
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Post by Babu Baboon on Mar 10, 2016 15:38:56 GMT -6
More on 50 Cent.
Bankruptcy court official asks judge to order independent review of rapper 50 Cent's finances
Curtis "50 Cent" Jackson arrives at court for a federal bankruptcy hearing, Wednesday, March 9, 2016, in Hartford, Conn. Jackson has been ordered to explain Instagram photos, with one depicting him next to piles of cash arranged to spell out "broke." Jackson filed for bankruptcy last year after a New York City jury ordered him to pay $7 million to a woman who said he posted her sex tape online.
By DAVE COLLINS - Associated Press Wednesday, March 9th 2016, 7:39 pm EST
HARTFORD, Conn. (AP) — A bankruptcy court official on Wednesday urged a federal judge in Connecticut to order an independent review of rapper 50 Cent's assets, after questions were raised about his financial reporting and photos of him with piles of cash were posted online.
Holley Claiborn, an attorney for the U.S. Trustee's Office, called on the judge to appoint an examiner to determine if 50 Cent, whose name is Curtis Jackson III, is fully reporting his assets and income in his bankruptcy case. The rapper's lawyers and his creditors' attorneys opposed Claiborn's request.
"If debtors are not held accountable ... then we don't have any public confidence in the system," Claiborn told Judge Ann Nevins in Hartford.
Nevins didn't rule on the request Wednesday. She scheduled a status conference for April 6, but could issue a decision before then.
Jackson was ordered by Nevins to appear at Wednesday's hearing to explain photos he posted on his Instagram page last year. They included ones of him sitting next to piles of cash arranged to spell "broke," him in a bed with wads of cash and cash stacks in a refrigerator.
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Jackson, who wore a dark gray suit and didn't speak at the hearing, declined to comment afterward. His lawyers repeated Wednesday that the cash in the photos was fake and used just as marketing props to boost the rapper's brand and image.
On his Instagram page after the hearing, Jackson posted a photo of himself with a bag of M&M's and wads of what appears to be cash tucked halfway in the front of his pants. He wrote, "I went to court today and all I felt was love. They asked me about money I said I ain't got none, but if you want some m&m's here ya go."
Nevins also said she was concerned about discrepancies between Jackson's initial financial statements filed in August and recent financial statements he filed last month.
Claiborn added Jackson's income wasn't entirely clear, because of a lack of information about his limited liability corporations.
Jackson's lawyers, Patrick Neligan and James Berman, said they would provide more information to the trustee's office, and denied suggestions that Jackson wasn't fully reporting his assets or income.
Lawyers for Jackson's top creditors said they were confident about Jackson's financial statements. They reached a deal with the rapper for him to pay his debts and filed the plan in court Tuesday.
Jackson's lawyers say in court documents that the bankruptcy filing was the result of several factors, mainly a $17 million verdict against him in 2014 in a legal dispute over headphone products and a $7 million verdict against him last year in a lawsuit filed by a woman who said he posted her sex tape online without her permission.
In the bankruptcy case, Jackson is proposing to pay about $23 million in cash over five years as well as up to 70 percent of any award he wins in a legal malpractice case against his lawyers in the lawsuit over the headphone products.
The $17 million and $7 million jury verdicts are lumped into a pool of unsecured claims totaling more than $31 million. Jackson is proposing to pay 74 percent to 92 percent of the unsecured claims, with the lower percentage depending on whether he meets certain payment deadlines.
Jackson skyrocketed to fame with the release of his debut album "Get Rich or Die Tryin" in 2003. The album was nominated for a Grammy and went on to sell more than 8 million copies.
New financial documents filed recently show Jackson has nearly $19.9 million in assets including his mansion in Farmington, Connecticut and $10.6 million in bank, brokerage and other financial accounts. The documents list $36 million in liabilities.
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Post by Deleted on Mar 11, 2016 2:20:46 GMT -6
Looks like he failed the getting rich....By staying alive he's not holding up his end of the bargain.
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Post by Babu Baboon on Mar 11, 2016 7:12:50 GMT -6
If it weren't for the pictures, I could see him being MC Hammer broke. It's not like we've seen him in a while and those rapper dudes love to spend money.
"Your honor, all that cash was really just play money I picked up at the dollar store."
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Post by mh on Mar 11, 2016 15:38:15 GMT -6
that turd -- does he think we're stupid ? if that was monopoly money some of it would be purple and orange!!
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Post by Babu Baboon on Mar 13, 2016 17:33:22 GMT -6
Dang! Looks like I was right about the 'play money' thing. Now he's really screwed.
50 Cent says the Secret Service is now asking him about wads of fake money in his Instagram photos that drew questions from a concerned bankruptcy court judge
HARTFORD, Conn. (AP) — He's already explained himself to a bankruptcy court judge, but 50 Cent says the Secret Service is now asking about the wads of "prop" money he used in social media posts.
The rapper, whose name is Curtis Jackson III, wrote in an Instagram post Thursday night that the Secret Service has asked if the fake money was counterfeited. Making his point with a couple expletives, 50 Cent says he doesn't know.
Secret Service officials and 50 Cent's lawyers and representatives didn't return messages seeking comment Friday.
50 Cent was ordered to appear in bankruptcy court in Hartford on Wednesday, after the judge and U.S. trustee's office raised questions about his finances, including what looked like cash bundles in his Instagram photos. The pictures included ones of him sitting next to piles of cash arranged to spell "broke," him in a bed with wads of cash and cash stacks in a refrigerator.
Lawyers for the rapper told Judge Ann Nevins on Wednesday that the cash was fake and used only as marketing props, and they denied suggestions he wasn't fully reporting his assets. The U.S. trustee's office is asking Nevins to appoint an independent examiner to review the entertainer's finances.
The rapper, who burst onto the music scene in 2003 with his debut album, "Get Rich or Die Tryin," has filed for Chapter 11 bankruptcy reorganization, citing debts of $36 million and assets of less than $20 million. He and his top creditors have reached a preliminary deal for him to pay at least 74 percent of his debt to them.
50 Cent also complained in Instagram posts on Thursday and Friday about being treated unfairly by the court system.
He also said he was quitting Instagram.
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LOL. Quitting Instagram! Maybe that's a good idea.
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