Just days after a jury ordered 50 Cent to pay $5 million to the mother of Rick Ross’ daughter for leaking her sex tape years ago, the entrepreneurial rapper has filed Chapter 11 bankruptcy.
The Wall Street Journal reported the story earlier today. Bankruptcy papers submitted in a Connecticut court list Jackson’s assets and liabilities at between $10 and $50 million each.
For clarity’s sake, Chapter 11 does not equate to being penniless. It merely allows any business entity the chance to restructure and stabilize assets while safeguarded from creditors.
Even though one of his business endeavors, the boxing-oriented SMS promotions, filed for bankruptcy in May, we find this developing story a bit incongruous with the fortune 50 has amassed over the course of his fruitful career. Evidently, as did many of you. Below is a collection of reaction tweets that suspect the true motive behind the filing.
UPDATE: Jackson’s attorney, William A. Brewer III, spoke of his client’s filing to Billboard, stating the following:
“The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests. Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the Chapter 11 case. This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs.”