Rapper, 50 Cent, real name Curtis Jackson, has been the butt of many jokes on social networking this week, for previously making fun of many rappers he referred to as broke, only to file bankruptcy for himself and his boxing company SMS. The rapper is not happy with the jokes and sent out a warning that he is keeping track of people who are making fun of his financial predicament. However, he did this to other entertainers when they were having money issues. What goes around comes around.
50 Cent has filed for chapter 11 bankruptcy, which is to reorganize his debts, provide 6-months of protection from creditors and to have portions of his debt wiped out via court order. When one petitions the bankruptcy court, one must be honest and forthcoming about the state of one's finances. So it came as no surprise when social networking questioned the fact 50 Cent filed bankruptcy, then days later went to the strip club throwing money at ho..., uh, I mean strippers. It's not a matter of how much money he spent at the strip club, but the fact he filed bankruptcy then did this, disrespects the court. It's the principle of it. If he's not careful, the bankruptcy trustee is going to heavily scrutinize his filing and could deny him protection.
The main items 50 Cent is trying to dodge are the two lawsuits he lost in court, after juries sided with the Plaintiffs in each legal action. In the case Sleek Audio v. Jackson (50 Cent), he was slapped with a $17,200,000 judgment for stealing the company's headphones after they were pitched to him and renamed it SMS Audio. In the case Leviston v. Jackson (50 Cent), the rapper was ordered to pay, Lastonia Leviston, who is the mother of Rick Ross' child, $5,000,000 for posting to his site a private sex tape she made with her boyfriend. Based on reports, 50 Cent also maliciously added inappropriate comments to the video.
The whole thing was aimed at hurting Ross. However, Leviston has a child, who will have to deal with the fact an illegally released sex tape of his mom is on the internet. Not to mention the trauma she went through when she realized 50 Cent uploaded the video to the internet without her consent. 50 Cent deserved to be slapped with the $5,000,000 judgment, if not for Leviston, for her child.
Side Bar: When singer, Toni Braxton, filed for bankruptcy (twice), it was after she legitimately earned her money, but overspent on the first go around. The second time she had taken on a big debt load, seeking to pay for it with a very lucrative residency in Las Vegas, but fell ill. Each time the bankruptcy court seized some of Braxton's belongings and sold them to pay her creditors. 50 Cent should not be treated differently, as he caused other people financial and emotional injury via unlawful behavior, leading to lawsuits and verdicts against him.