Fiddy Is Broke

YO SHORTY … IT’S YA COURT DATE … || By FITSNEWS || Curtis James Jackson III (a.k.a. “50 Cent,” a.k.a. “Fiddy”) has filed for chapter eleven bankruptcy protection, according to The Wall Street Journal. The paper obtained court papers filed in the U.S. Bankruptcy Court in Hartford, Connecticut showing Jackson with…

by FITSNewsJuly 13, 201526

YO SHORTY … IT’S YA COURT DATE …

|| By FITSNEWS || Curtis James Jackson III (a.k.a. “50 Cent,” a.k.a. “Fiddy”) has filed for chapter eleven bankruptcy protection, according to The Wall Street Journal.

The paper obtained court papers filed in the U.S. Bankruptcy Court in Hartford, Connecticut showing Jackson with “assets and debts each in the range of $10 million to $50 million.”

It’s not clear whether Fiddy’s filing is related to a judge’s ruling that he pay $5 million to a woman whose sex tape he posted online without permission.

According to a book excerpt published in The Washington Post back in 2010, Jackson was worth half a billion dollars as recently as 2007.

How’s Fiddy taking all this?

Well, according to his Instagram page “you can find him in da club … bottle full o’ bub.”

Last night to much EFFEN VODKA ???? lol #EFFENVODKA #FRIGO #SMSAUDIO

A photo posted by 50 Cent (@50cent) on Jul 13, 2015 at 8:17am PDT

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PTSD Suicide Tied To Fireworks

26 comments

grandtangosuglydog July 13, 2015 at 1:21 pm

No one saw that coming…said no one ever.

Nölff July 13, 2015 at 1:24 pm

Get rich or die trying… or maybe he can try dying.

euwe max July 13, 2015 at 1:25 pm

From Forbes.

First things first: Donald Trump has filed for corporate bankruptcy four times, in 1991, 1992, 2004 and 2009. All of these bankruptcies were connected to over-leveraged casino and hotel properties in Atlantic City, all of which are now operated under the banner of Trump Entertainment Resorts. He has never filed for personal bankruptcy — an important distinction when considering his ability to emerge relatively unscathed, at least financially.

“Corporations, limited partnerships, and LLCs in which he had an ownership interest or companies that had his name attached have filed for bankruptcy,” said Michael Viscount of Atlantic City law firm Fox Rothschild LLP, who represented unsecured creditors when Trump Hotels & Casino Resorts, as it was then called, filed for Chapter 11 protection in 2004. “Therein lies the big distinction.”

Trump has never apologized for using Chapter 11 as a business tool — indeed, when he spoke to my FORBES colleague Keren Blankfeld recently, he noted that many “great entrepreneurs” have used bankruptcy to restructure debt, free up capital and improve their businesses.

“I’ve cut debt — by the way, this isn’t me personally, it’s a company,” Trump said. “Basically I’ve used the laws of the country to my advantage and to other people’s advantage just as Leon Black has, Carl Icahn, Henry Kravis has, just as many, many others on top of the business world have.”

But to those uninitiated in bankruptcy laws, four instances of corporate bankruptcy in a row can seem staggering. “To the ordinary person in the street, it may seem surprising, but certainly not to me,” said Reed Smith partner Michael Venditto, who has represented clients in high profile Chapter 11 cases, including bankrupt airline TWA. “Chapter 11 is how you reshape and restructure a company that has problems. It doesn’t indicate anything nefarious or even bad management.”

Campaign exaggerations are as much a part of politics as kissing babies. Inannouncing his bid for the Republican presidential nomination this morning,Donald Trump started with what Forbes believes is a whopper. He claimed his net worth was nearly $9 billion. We figure it’s closer to $4 billion — $4.1 billion to be exact.

This discrepancy is noteworthy, since Trump’s financial success – he put his fortune at exactly $8,737,540,000 — is core to his candidacy. “I’m proud of my net worth. I’ve done an amazing job,” said Trump at his circus-like announcement, before referencing his autobiography. “We need a leader that wrote ‘The Art of the Deal.”

TroubleBaby July 13, 2015 at 2:04 pm

That was the essence of a post I made when the Trump articles started…it’s easy to show a high net worth when you use legal structure to screw your creditors….it drastically swings the balance sheet…making you look “successful”.

Either it never made it because of Disqus….or it was struck down by someone else….

euwe max July 13, 2015 at 2:14 pm

I haven’t seen any deletions here. I saw some moderation for a while out of a moderator annoyance with a serial Will-bashing photoshop-only poster – I can’t confirm this, but 9″ got whacked once, but he never told me if it was a deletion or he deleted it after being in a moderation queue.

Disqus has definitely been hinky, but I haven’t seen anything serious in several months.

TontoBubbaGoldstein July 13, 2015 at 2:34 pm

Z-TAC!!!

euwe max July 13, 2015 at 4:45 pm

Yes.. Z-TAC – he no longer tries to post here, and I noticed lately that messages containing a single reference to a static image no longer causes moderation.