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February, 3

50 Cent discharged from bankruptcy case

 
 
 
 
50 Cent discharged from bankruptcy case

Rapper 50 Cent can put his bankruptcy case behind him after paying back more than $22 million (£17.5 million).

The In Da Club hitmaker, real name Curtis Jackson, filed for bankruptcy in July, 2015, listing his debts as $36 million (£28.7 million) and determining his assets were worth less than $20 million (£16 million).

He reached an agreement to pay back around 74 percent of his debts over a five-year period last spring (16), pledging to use $23.4 million (£18.7 million) of his future earnings to help settle his outstanding bills.

On Thursday (02Feb17), the case headed back to a Hartford, Connecticut court, where Judge Ann Nevins discharged 50 Cent from the bankruptcy issue, satisfied with his efforts to resolve the legal woe.

The hip-hop star's lawyers revealed the 41-year-old was able to settle the case way ahead of schedule by using $8.7 million (£6.9 million) of his own money and $13.65 million (£10.9 million) of the funds he received as part of a malpractice suit he filed against his former lawyers at Garvey Schubert Barer.

They reached a settlement deal in December (16) to end the case, after 50 accused his legal representatives of inadequately representing his interests "in licensing negotiations and arbitration disputes" with Sleek Audio headphone executives, with whom he had been working until the collaboration went sour in 2014.

50 is also hoping for another big payday after recently filing suit against lawyers at Reed Smith, who took on - and lost - his 2015 sex tape case, which prompted him to file for bankruptcy.

He is suing for breach of fiduciary duty and malpractice and is seeking $7 million (£5.6 million) in actual damages and $25 million (£19.9 million) in punitive damages.

 

Source: www.msn.com
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