Music Business

Rapper 50 Cent Files for Bankruptcy

image from assets.rollingstone.comOne major slip online has forced rapper 50 Cent into bankruptcy.  In an effort to retain some assets and reorganize his assets, he filed Chapter 11 after loosing a lawsuit claiming he'd uploaded a video of a 13 minute sex tape.

50Rapper 50 Cent filed for bankruptcy protection on Monday, the day he was scheduled to learn whether he owes punitive damages for posting a woman's sex tape online.

The 40-year-old rapper , who was born Curtis James Jackson III, filed the 5-page petition in U.S. Bankruptcy Court in Connecticut. He lists his address as a mansion in Farmington formerly owned by boxer Mike Tyson.

Last week a jury found Jackson should pay $5 million to Lastonia Leviston, who accused the rapper of posting a 13-minute sex tape on his website as part of a "rap war" between himself and fellow rapper Rick Ross.

Jackson has claimed that Ross spliced footage of 50 Cent into the video and uploaded it to the Internet himself. 

The Chapter 11 petition lists between 1 and 49 creditors, and assets and debts of $10 million to $50 million. Although the petition makes no mention of the lawsuit, pending bankruptcies usually stay suits and collection proceedings. 

Read the full filing here.

via Courthouse News

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