50 Cent Files Bankruptcy

[CJC3392]

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.

Agreed- I'm more so clearing up the confusion that he is "broke" which is simply not the case.

 

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[SteveO]

Not proud of the fact that I once found myself in the situation of evaluating the need to file bankruptcy.

I did not though and here is why.

I had assets that were in the process of being lost. I also had debt that was piling up. Bankruptcy could have helped me to preserve some of those assets and had some of the debt restructured which would have been great. But there were a lot of potential downsides as well.

A possible outcome would be that the assets would need to be sold off at pennies on the dollar to pay partials to the creditors. I found that it was easier to work with the creditors than against them. I could have ended up in a worse situation than I was in and still have a bankruptcy listed on my resume. The likelihood of retaining any of the assets was slim.

I sold/lost over 30M in assets. After fighting the lawsuits and negotiating settlements, I came out the other side just a few hundred K in the hole.

Soon after, I was buying more. With no b/k on my record and only one foreclosure, I was able to go back into business. The bank that has given me over 12M in loans recently was able to see past the foreclosure. They looked at my dealings with the past banks and found that I operated in a fair and honest way. I also paid my way out of the debt that I was left with.

 

[MJ DeMarco]

I can't believe that people on this forum, let alone MJ DeMarco would read bankrupt and immediately think that 50 Cent is broke

Agreed- I'm more so clearing up the confusion that he is "broke" which is simply not the case.

Geez do people on this forum read? I never said he was 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.

Not sure what part of "he's not broke" means, he's broke. But OK.

 

[SteveO]

Agreed- I'm more so clearing up the confusion that he is "broke" which is simply not the case.

Perhaps you need to read up on the bankruptcy laws. He may not be broke as he still has money coming in but, he would not be able to file if he was in a better situation.

 

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[Ubermensch]

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.

1:22 - 1:32.

LMFAO!

 

[CJC3392]

Geez do people on this forum read? I never said he was broke.



Not sure what part of "he's not broke" means, he's broke. But OK.

Wasn't referring to you, @GrumpyCat specifically referred to him as broke.

 

[CJC3392]

Perhaps you need to read up on the bankruptcy laws. He may not be broke as he still has money coming in but, he would not be able to file if he was in a better situation.

You may be right, or this may be a tactical move on his part to delay payment, offer Rick Ross's baby mama 50 cents (pun intended) on the dollar, and get his ducks in a row.

I'm guessing the latter.

 

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[Ubermensch]

Wasn't referring to you, @GrumpyCat specifically referred to him as broke.

That's what happens when you type before, or without, thinking.

That's how it is with Internet shit-talking, though.

It's easy to type. Hard to be real, in real life.

 

[SteveO]

1:22 - 1:32.

LMFAO!

And that means what? He has his money in cash? This makes this all funny? He is going through bankruptcy proceedings and laughing at everyone?

That is fine. He is a smart man. Good luck to him.

 

[CJC3392]

That's what happens when you type before, or without, thinking.

That's how it is with Internet shit-talking, though.

It's easy to type. Hard to be real, in real life.

seems like you're the one perpetuating this "shit talking."

 

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[SteveO]

I made the mistake this morning of chiming in on this post. Not worth the time. Time to exit this conversation.

 

[Ubermensch]

seems like you're the one perpetuating this "shit talking."

Internet-shit talking is talking shit about someone you only know from the Internet. You don't know their credentials. You don't know what they have going on. Yet, you talk shit.

If I talk shit, it's backed up by reality.

 

[MKHB]

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.

Accidental post.

That's OK, it still made more sense than some of the previous intentional ones....

Oh, and by the way your "Fifty Cent Fan Club" dues are past due, please remit without delay.

 

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[EvanOkanagan]

I'd be happy to be in 50's current financial position...

 

[DeletedUser394]

Wasn't referring to you, @GrumpyCat specifically referred to him as broke.

Gee whiz. I honestly don't know anything about 50 Cent or his financial position. Nor do I care. It simply doesn't matter. I assumed he was broke because it isn't worth my time to follow the life of some random dude in the entertainment industry. Some people seem to have taken such offence to that haha.

Y'all need to get off your knees and get back to work.

I for one won't be losing sleep over this. I'm with @SteveO Peace out!

 

[ace81385]

I was kind of shock when i Read that he was filing bankruptcy, but then as many of you mentioned that really doesn't mean anything as its probably a smart business move on his part. I've read 50th Law and he's a very good business man.

 

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[obrian]

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.

lol he is not broke he is still worth more than 50 million. but at the end of the day i think he needs to manage his money alot more better.

 

[Yussef]

Ubermensch it's good to see someone understands how this game works.

But just in case some need a quick reminder or lesson here it is. 30 people that filed bankruptcy now worth millions

 

[M&A]

People underestimate the effort required to blow through a $100mm+ fortune.

Usually what causes it is a mixture of:

Divorce, half of half of half is usually not a lot.

Drugs and the decisions you make under them.

Stupid entourages.

Lawsuits/jail not like 50's, more like those $500,000,000+ fines the government likes to hand out.

Gambling but even then its quite difficult.

Charity, not as destructive as the others but if you give away 99.9% of your fortune your likely never going to be able to rebuild it.


Another thing that prevents uber wealthy from going broke is that they have teams of people hired to keep them wealthy. Not the 55 year old guy on the way out at the local bank. But large teams at JPMorgan, Goldman Sachs, Coutts etc. Some even have family offices to manage their wealth in-house.

When you see all these athletes blow through their fortunes if you look more into their personal lives it will reveal something a lot darker. A lot of them had much simpler happier lives before they got rich and maybe in a way they want to hit reset.

Normal people when they see their wealth/health/anything wither away they panic, its pretty difficult to make reckless decision after decision. People who get told they are going to die if they have one more cigarette and do it anyway have deep underlying problems beyond addiction. Same with these folks who blow through money when they started with nothing.

 

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[Shades]

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."

Your 2nd post ever is basically an all out defensive over 50 F*cking Cent as if hes a close family member or something? What a joke.

 

[EN_VY]

Yeah there is no way 50 is broke. Just playing it smart. Although you may have a whole lot of rappers who go rich and then broke, 50 isn't one of them. He's the true definition of a hustler.

 

[Hackdroot]

I simply made a joke based on the OP. I'll delete my post since it's apparently has been part of an out of control discussion and think twice about what I post here from now on.

 

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[MKHB]

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.

Sometimes "keepin it real" can be a questionable strategy...

 

[MJ DeMarco]

I simply made a joke based on the OP. I'll delete my post since it's apparently has been part of an out of control discussion and think twice about what I post here from now on.

I wouldn't worry about Uber and his hero-worshiping posse as they don't represent what we're trying to achieve here.

 

[Vigilante]

I simply made a joke based on the OP. I'll delete my post since it's apparently has been part of an out of control discussion and think twice about what I post here from now on.

No worries. Keep posting.

 

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[obrian]

this don't make any cents lol!!!!!!!!!!!!

 

[Arrived2015]

Saw this on fb: Big Reeno 18 mins · Edited ·
just a smart business man that knows what he is doing. ‬

Agree!

 

[socaldude]

If you look at the Bankruptcy petition it says the nature of the debts is primarily consumer debts. Which means greater than 50% of liabilities listed.

I'm pretty sure he is not in trouble because of investments. He bought a lot of nice stuff on credit. A lot of really nice stuff.

Most people who file Ch.13 are not broke. They usually have a high income but owe too much money.

The bankruptcy court doesn't have to let him discharge judgments from civil suits. The other party can appeal the discharge and win.

It will be interesting to see what happens.

Strategic? Yes.

A good thing? No. He owes a shit ton of money he has trouble paying back yet has a huge income. Thats never a good position to be in.

Nothing about this is smart or clever. He has made some terrible decisions. These kinds of cases take years.

Here again, the borrower is enslaved to the lender.

 

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[Vigilante]

Talked with my college age son tonight about this. The millenials continue to think this thug is a genius. They think he's just a smart "business man."

He came out and painted a moral equivalency between himself and Walt Disney and Donald Trump.

The difference? They were BANKRUPT when they filed bankruptcy. He's not. The courts will see right through this.

If they perceive him as trying to game the system, he might end up paying way more.

He owns a ton of rare Ferraris. One Enzo alone is worth more than $1m.

Dangerous game if the court starts liquidating his shit at pennies on the dollar.

 

[AllenCrawley]

If you look at the Bankruptcy petition it says the nature of the debts is primarily consumer debts. Which means greater than 50% of liabilities listed.

I'm pretty sure he is not in trouble because of investments. He bought a lot of nice stuff on credit. A lot of really nice stuff.

Most people who file Ch.13 are not broke. They usually have a high income but owe too much money.

The bankruptcy court doesn't have to let him discharge judgments from civil suits. The other party can appeal the discharge and win.

It will be interesting to see what happens.

Strategic? Yes.

A good thing? No. He owes a shit ton of money he has trouble paying back yet has a huge income. Thats never a good position to be in.

Nothing about this is smart or clever. He has made some terrible decisions. These kinds of cases take years.

Here again, the borrower is enslaved to the lender.

Talked with my college age son tonight about this. The millenials continue to think this thug is a genius. They think he's just a smart "business man."

He came out and painted a moral equivalency between himself and Walt Disney and Donald Trump.

The difference? They were BANKRUPT when they filed bankruptcy. He's not. The courts will see right through this.

If they perceive him as trying to game the system, he might end up paying way more.

He owns a ton of rare Ferraris. One Enzo alone is worth more than $1m.

Dangerous game if the court starts liquidating his shit at pennies on the dollar.

Ya'll are haters. Just good business practice on display. Ya'll should be taking notes.