Posted on 07/13/2015 2:41:48 PM PDT by SeekAndFind
Rapper 50 Cent filed for bankruptcy on Monday.
The news came as bit of a surprise since The New York Times just described him as a man of "exceptional business instincts" less than a week ago.
In May, Forbes pegged his net worth at $155 million.
50 Cent, aka Curtis Jackson III, reportedly earned between $60 million and $100 million from a stake in Vitamin Water when it sold to Coca-Cola in 2007, according to The Washington Post.
Yet in the abbreviated Chapter 11 filing Monday, Jackson's lawyers said that his assets range from $10 million to $50 million, including cash. The same goes for his liabilities.
What could be going on here?
The lawyers for a woman who just won a lawsuit against Jackson believe he's trying to protect himself from paying their client. Lastonia Leviston is due $5 million as a result of a sex tape that Jackson posted in 2009 allegedly as part of an attempt to stir the pot with rival rapper Rick Ross.
Hunter Shkolnik, Leviston's lawyer, told Business Insider, "We think this is a failed attempt to avoid paying this woman who has been hurt so badly by his actions."
Here's the backstory: Ross and Leviston had a child together in 2003. In 2008, Leviston was recorded having sex with her boyfriend at the time (who was not Ross). That boyfriend gave Jackson a copy of that sex tape, according to the AP.
Jackson allegedly posted the tape online to humiliate Ross. But he didn't just post the tape: He added his own commentary while wearing a wig. Jackson called himself "Pimpin' Curly" and recorded a demeaning, vulgar voiceover for the tape, according to The Daily News. (We have not watched the video.)
(Excerpt) Read more at businessinsider.com ...
I have a question. Said party involved in sex tape with the woman gives him the sex tape. Now was she forced to open her legs? Did she know it was taped, etc.. What he did with it was disgusting, but what made her think that was a good decision period? How much did she sue the sex partner for, (in the sex tape with her)? I guess he didn’t have enough money. This or that guy doesn’t have power to make her make common sense choices. I’m suing because i’m an idiot? But this teaches him a lesson as well. Shows what the woman thinks about herself and those she deals with think of her.
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