50 Cent Files Bankruptcy

[MJ DeMarco]

But it doesn't stop him from posting stupid bling on Instagram.

Never ceases to amaze me.

http://entertainthis.usatoday.com/2...ent-flaunted-his-vast-riches-on-social-media/

http://blogs.wsj.com/bankruptcy/2015/07/13/rapper-50-cent-files-for-bankruptcy/

In court papers filed in the U.S. Bankruptcy Court in Hartford, Conn., Mr. Jackson reported assets and debts each in the range of $10 million to $50 million.

Turns out 50 CENT isn't a good financial decision-maker... who wouldn't have guessed? Interesting since a few younger folks here worship him.

More money doesn't solve money stupidity, proven once again.

 

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[James Thornton]

Wasn't he recently criticizing Floyd Mayweather about financial management?

Yikes. 50 million (not cents)

 

[Hackdroot]

Previous comment removed.

Sooooo, how bout them Giants....

 

[merc]

Welp, that explains it - 50 was playing the lottery and won with the vitamin water investment.

 

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[MJ DeMarco]

And slightly off-topic, I highly recommend the HBO series "Ballers" for anyone want to see how a future bankruptcy is all but guaranteed.

 

[DeletedUser394]

HAHAHAHAHAHAHA.

Guy raps about how rich he is. Guy is now broke. Hilarious.

As I type this an Aston Martin went by. Wonder if that guy's broke too.

 

[Get Right]

Guess we should call his creditors 20CENT....on the dollar.

 

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[cristian tello]

Saw this on fb:

Big Reeno
18 mins · Edited ·
People don't understand business if they think 50 Cent is broke. He filed for bankruptcy so he doesn't have to pay Rick Ross baby mama $5 million. Why give away 5% of your net worth or 50% of your liquid cash if you don't have to? He said in a recent radio interview that Curtis "50 Cent" Jackson as a person, doesn't have a lot of liquid cash, but his businesses/corporations do. This is a move that rich folks use in case of law suits like these and for tax reasons. I don't have anywhere close to as much money as 50, but I own a couple of successful businesses & even I know this little trick. So with him making sure he doesn't have that much liquid cash, his next move was to protect his assets so that they can't come after it. This is what he has achieved by filing for bankruptcy. His just a smart business man that knows what he is doing. So with his "limited" liquid cash & his assets being protected with him filing for bankruptcy, he has ensured that Rick Ross baby mama will not be seeing $5 million. She will definitely see some money though. Maybe a few hundred thousand or a million at most. ‪#‎SmartMan‬ ‪#‎50Cent‬

 

[Charnell]

Straight gossip, followed by posters who've never seen 7 figures cracking jokes. Tight.

Back to work.

 

[Vigilante]

The courts don't have to allow him to clear the deck. It will be interesting to see how this plays out.

 

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[MKHB]

And slightly off-topic, I highly recommend the HBO series "Ballers" for anyone want to see how a future bankruptcy is all but guaranteed.

Mindposts of a Sidewalker-Primary Income Source: Whatever gigs pays the most is what I will do....It's all about the Benjamins.

And up next, one of 50's clients - Floyd "Sidewalker" Mayweather.

The NPV of Floyd holdings -$244,043,960...The value calculated using a standard DCF model with a given discount/growth and inflation rates projected over a 5 year pro forma, excluding earned income.

In other words, Floyd like Fitty -is already broke - he just doesn't know it yet.

But it doesn't stop him from posting stupid bling on Instagram.

Never ceases to amaze me.

http://entertainthis.usatoday.com/2...ent-flaunted-his-vast-riches-on-social-media/

http://blogs.wsj.com/bankruptcy/2015/07/13/rapper-50-cent-files-for-bankruptcy/



Turns out 50 CENT isn't a good financial decision-maker... who wouldn't have guessed? Interesting since a few younger folks here worship him.

More money doesn't solve money stupidity, proven once again.

 

[AgainstAllOdds]

If he's broke, then it's not a matter of poor financial management (blowing money on depreciating assets), but poor investing.

"Jackson, who was a minority shareholder, earned $100 million from the deal after taxes."

He was worth $100M + just from Vitamin Water. He's one of the few celebrities that is publicly against consuming drugs (himself), and overall comes off as a rational thinker. Blowing through $100M on toys would be really hard when you have a rational mindset.

Blowing through $100M on failed investment though (SMS Audio), that's another story.

Overall: I don't think he's broke. He just got sued for $5 million for a sex tape, and a few days later files for bankruptcy. Those two events seem highly correlated.

Lastly, it could also be a PR move. "50 Cent is Broke". Followed by, "Courts Don't Allow 50 Cent to Declare Bankruptcy. Reported Net Worth at $200 Million."​

 

[NVious]

Lastly, it could also be a PR move. "50 Cent is Broke". Followed by, "Courts Don't Allow 50 Cent to Declare Bankruptcy. Reported Net Worth at $200 Million."​

LMFAO, that would be so awesome, thanks for the laugh

 

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[MJ DeMarco]

Overall: I don't think he's broke

Of course not, he's an established brand which has a lifetime value of income production-- it's like owning a cash machine that still prints money-- just so happens he probably spends more than it prints. His music and past legacy endeavors will continue to produce. He's not "broke" in a traditional sense where we tend to think of some homeless guy with zero assets/brand/goodwill.

 

[MKHB]

Of course not, he's an established brand which has a lifetime value of income production-- it's like owning a cash machine that still prints money-- just so happens he spends more than it prints. His music and past legacy endeavors will continue to produce. He's not "broke" in a traditional sense where we tend to think of some homeless guy with zero assets/brand/goodwill.

"Goes to show you, money management skills and having good credit are very important, even when you are having a ton of success."
Part 3 Poorness: The Sidewalk Roadmap

 

[M&A]

Oldest trick in the book is to hide assets when in trouble, how many wealthy $100mm guys conveniently file bankruptcy just after being ordered to pay millions to courts for fines etc Pretending your broke, in the mean time transferring $ to children/wife.


More of an ego thing more than anything, even if they could afford it, they feel they shouldn't have to pay.

If you look into the situation you would know that the payment is for Rick Ross's sons mother. - 50 cents biggest enemy. How do you think he feels as a man when he's about to set her up for life with out of his own pocket 5m ?

F that is what he's thinking. Doubt he would pay even with 1B.

Just for laughs :

 

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[Ubermensch]

Oldest trick in the book is to hide assets when in trouble, how many wealthy $100mm guys conveniently file bankruptcy just after being ordered to pay millions to courts for fines etc Pretending your broke, in the mean time transferring $ to children/wife.


More of an ego thing more than anything, even if they could afford it, they feel they shouldn't have to pay.

If you look into the situation you would know that the payment is for Rick Ross's sons mother. - 50 cents biggest enemy. How do you think he feels as a man when he's about to set her up for life with out of his own pocket 5m ?

F that is what he's thinking. Doubt he would pay even with 1B.

Just for laughs :

Best post in the thread.

 

[Get Right]

Straight gossip, followed by posters who've never seen 7 figures cracking jokes. Tight.

Back to work.

You might be surprised.

 

[MitchC]

Of course not, he's an established brand which has a lifetime value of income production-- it's like owning a cash machine that still prints money-- just so happens he spends more than it prints. His music and past legacy endeavors will continue to produce. He's not "broke" in a traditional sense where we tend to think of some homeless guy with zero assets/brand/goodwill.

I would be a waste of your time to watch him being interviewed but you'd be surprised if you did, he's got his money and it's well protected, and even though he's rich he's still making more, and making others rich, he knows what he's doing. Not all rappers get rich on accident, in fact I don't think many of them do, they always surprise me in interviews how clued up they are about business, not all, but some, and ones you wouldn't expect. Some of the things they say make you think they post on here and have read the book.

 

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[Lavi Fletcher]

He made $78 Million last December through a clothing deal, he's not a sidewalker but far from it.

If you learn about him, and watch him speak you would learn that he is careful with his money and just because he posts bling on Instagram, it's because he is able to. The reason people "worship" him is because he not only made one of the most successful debut rap albums of all time, but he has a great sense of humour, know what he's talking about, is open with what he did to get where he is and doesn't have a "I'm better than you attitude" (if you bring up his lyrics of his songs, you're just ignorant to the fact that being competitive is inherent to the genre of hip hop), something I noticed in the way that slowlaners were talked about in the book this forum is based on.

Perhaps he just doesn't want to pay $5 Million over a stupid thing and is protecting his assets?

I can't believe that people on this forum, let alone MJ DeMarco would read bankrupt and immediately think that 50 Cent is broke, then berate him on his financial decision making. Jesus Christ, Donald Trump has filed for bankruptcy 3 times, but no one would call HIM a sidewalker, or broke.

I honestly expected better of the people in this thread, but to the ones who are apparently more learned on the subject even more so than the author of The Millionaire Fastlane it seems, good job.

Edit:
Searching for a couple of minutes on the internet would provide an explanation before saying things based on assumption and not reality.

"This filing buys him the time he wants/needs to pay his debts. He's not "bankrupt" in the typical usage of the term.

He's filing chapter 11 bankruptcy; this is not bankruptcy as most citizens know it. The bankruptcy that most people know is Chapter 7 bankruptcy (or chapter 13 under certain conditions) and is a total reset where you are left with no assets and no debts.

Chapter 11 bankruptcy is typically known as a "restructuring" bankruptcy. Given the lawsuits they quote in the article, I would assume he does not have immediate access to the liquid assets necessary to pay his immediate debts. This filing is to protect his investments while his financial team develops the most appropriate plan to pay his lawsuit debts. Paying $20mm is not an emergency for someone worth $500mm; paying $20mm in the next 30 days for most people of significant wealth is an emergency--most of their wealth is in investments. Think Zuckerberg here... Net worth of ~40 billion. 24 billion of that is in Facebook stock. It's not easy to free up mass units of stock for their fair market value because selling off large units of stock tanks the stock value."

 

[jason91]

He's probably just filing bankruptcy as a financial decision.. highly doubt 50 cent is actually bankrupt

He's got multiple avenues of income... music, producing tv show on Starz, clothing, vitamin water, etc etc...

he's probably one of the few rappers that aren't dumb with their money. His bling probably is on instagram cause it's his public persona

 

[Ubermensch]

He's probably just filing bankruptcy as a financial decision.. highly doubt 50 cent is actually bankrupt

He's got multiple avenues of income... music, producing tv show on Starz, clothing, vitamin water, etc etc...

he's probably one of the few rappers that aren't dumb with their money. His bling probably is on instagram cause it's his public persona

Fifty is a Master of getting people to talk about him, whether they hate him, love him, whatever.

He once said that no hater (aka grumpy a$$ cats WAY broker than him... reminds me of that Chris Rock joke about how Bill Gates would jump out of a window if he woke up with Oprah's money) could ever keep him down.

 

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[jason91]

Fifty is a Master of getting people to talk about him, whether they hate him, love him, whatever.

He once said that no hater (aka grumpy a$$ cats WAY broker than him... reminds me of that Chris Rock joke about how Bill Gates would jump out of a window if he woke up with Oprah's money) could ever keep him down.

Yes, it can be a financial decision or publicity decision - either way he's probably not going broke anytime soon. Lol

 

[Ronnie]

From Business INSIDERS....

People tend to think that when anyone in the entertainment world files for bankruptcy that they have no money. That's not the case.

No. Look at Donald Trump. I think Donald filed for bankruptcy on multiple occasions. It's not because the person has no money so to speak. A lot of times they may have entered into an agreement which at the present moment may not be favorable. If you've got a line of credit that has a high interest rate, we're talking a good amount of money, but if rates have dropped considerably and you're paying a high amount of interest, you may say, "Let me go back to the bank or whoever loaned me the money and see if we can restructure."



Read more: http://www.businessinsider.com/50-c...-does-not-mean-hes-broke-2015-7#ixzz3fruZQCYA

Not broke at all. It's one of his little games that he enjoys playing and this time with the help of his lawyers... Surprised some of you don't see that....

 

[Ubermensch]

Yes, it can be a financial decision or publicity decision - either way he's probably not going broke anytime soon. Lol

Title of this thread should be "Ripped from the pages of 50th Law, Fifty is playing deceptive power games in real life, which is precisely what Sun-Tzu, Robert Greene and Miyomoto Musashi would advise him to do."

 

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[SteveO]

I don't know anything about 50 cent nor do I give a shit. I do know that filing any sort of bankruptcy personally means that there is an issue. This is not a filing for one of his businesses that I can see. He has filed for a reorganization which means that he has become over-extended.

I don't see how this could be considered anything but problematic.

Yes, it is just a debt reorganization but I don't see how anyone can equate this to good money management.

 

[CJC3392]

I think some of the members of this forum need to read up on US bankruptcy law...

This is a smart move. A stupid rapper would just pay $5 mil cash or something crazy. Like most smart businessman, 50 has most of his money in investments, probably not that liquid.. Needs more time to figure out the best place to retrieve the cash from.

 

[SteveO]

I think some of the high ranking members of this forum need to read up on US bankruptcy law...

Instead of just baiting... Why don't you state your issue?

 

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[CJC3392]

Instead of just baiting... Why don't you state your issue?

Edited as you were posting that lol.. realized I should have explained.

 

[SteveO]

This is a smart move. A stupid rapper would just pay $5 mil cash or something crazy. Like most smart businessman, 50 has most of his money in investments, probably not that liquid.. Needs more time to figure out the best place to retrieve the cash from.

I don't see where anyone said that this is a dumb move. Much less anything less than a smart move. It is simply the fact that he has to consider this says that he is not in the monetary position that some people here seem to think.