Posted on 07/13/2015 8:27:04 AM PDT by SeekAndFind
Rapper 50 Cent has filed for chapter 11 bankruptcy protection Monday. "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," reports the Wall Street Journal.
The filing comes just three days after the "Get Rich or Die Tryin'" rapper was ordered to pay $5 million to a woman who sued him for posting a sex tape online.
Previously, 50 Cent was recently reported to be worth around $270 million, largely thanks to his minority stake in Vitamin Water. In 2007, the Coca Cola Company acquired Vitamin Water from Glaceau for $4.1 billion.
According to the Washington Post at the time, "50 Cent was thought to have walked away with a figure somewhere between $60 million and $100 million, putting his net worth at nearly a half billion dollars."
(Excerpt) Read more at businessinsider.com ...
That’s my thought as well. I hope they bring on some top notch forensic accountants to find what he is surely hiding.
Maybe, but several NFL starlets have done it, albeit maybe not quite as much, but they blew threw it.
I have a gf who does exactly that - goes after hidden assets and even people. Gets a cut. And she’s good.
People who spend every cent they get their hands on will never have “wealth” no matter how much of other people’s money you give them.
RE: $270 million? Damn, I could retire on that.
Heck I could retire on 5% of that.
Actually, he tends to be conservative and is actually a pretty sharp guy.
A fool and his money.
The filing comes just three days after the "Get Rich or Die Tryin'" rapper was ordered to pay $5 million to a woman who sued him for posting a sex tape online. Previously, 50 Cent was recently reported to be worth around $270 million, largely thanks to his minority stake in Vitamin Water. In 2007, the Coca Cola Company acquired Vitamin Water from Glaceau for $4.1 billion. According to the Washington Post at the time, "50 Cent was thought to have walked away with a figure somewhere between $60 million and $100 million, putting his net worth at nearly a half billion dollars."He should be offered a pistol with one bullet, to give him a chance to do the honorable thing out on the front lawn of the courthouse.
Yep, he be hiding hid assets, yo. You want that in English??????
It's pretty hard to hide that kind of money. A good forensic accountant can generally track it down.
The term “n-word rich” comes to mind. Sorry, can’t help it.
Not to worry, he can still get an Obamaphone and healthcare.
270,000,000 worth of FL muni bonds say 3.375% due 11-1-2035 yields 3.650% if bought at approx. $96.10. That is a Taxable Equivalent yield of 5.615 , or north of 6% in the highest tax bracket.
270mm x 6% = $16,200,000.00 of tax free income a year for 20 years (that’s $1,350,000.00/mo).....and then you get your 270mm worth of bonds back if called or matures.
Hell yes you can retire on it, as long as you make good credit decisions on the issue/issuer.
You can also buy a muni bond index fund like FARSX that will diversify you.
I should think so. You could live a very good life on $1 million a year and still have a whole lot to give away or pass down to your children when you die.
The headline makes no sense.
It says he was once worth $270 million, but further down it says he sold his minority stake in Vitamin Water to Coca-Cola (when it was acquired from Glaceau) and received $60 million to $100 million, giving him a net worth of nearly $500 million.
The headline should say he was once worth nearly $500 million.
“He’s hiding it”
I was at an after-party for a certain movie a year ago close to Malibu and I met the dude. He leans right on most stuff but back then, he was loaded. And based on that conversation, i think he does..
Maybe he can get the Greeks to bail him out.
I here they are coming into a shitload of money soon
No Cents and No Sense!
Shave and a haircut... two bits.
The reason all these ganstas are selling drugs is to pay for the hand therapy they need after making their dumb@ss gang signs.
What a bunch of fatherless losers.
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