Ads 468x60px

Monday, January 18, 2016

50 Cent Creditors File Repayment Proposal

 In a Tuesday, July 21, 2015, file photo, rapper Curtis Jackson, also known as 50 Cent, leaves court. Creditors of the rapper filed a repayment proposal this week. Bebeto Matthews/Associated Press

Impatient for their money, the woman who won $7 million from rapper 50 Cent in a sex-tape dispute and partners in a failed headphone deal have teamed up to take his personal bankruptcy into their own hands.

In court papers filed Thursday, the unpaid groups asked a bankruptcy judge to put a Connecticut lawyer named Richard M unblocked school. Coan in charge of the 40-year-old entertainer’s business affairs, giving him the power to pay off the debts over the next five years.

With the title of trustee, Mr. Coan would sell off property owned by 50 Cent, whose real name is Curtis James Jackson III, and oversee the entertainer’s recording contracts, endorsement deals and other pursuits, according to documents filed in U.S. Bankruptcy Court in Hartford, Conn.

The 37-page repayment proposal didn’t say how much Lastonia Leviston, the woman behind the sex-tape dispute, or the headphone partners would ultimately collect from Mr. Jackson over the repayment period.

Mr. Jackson filed for chapter 11 protection on July 13, shortly before jurors were scheduled to determine whether he should pay additional damages in the sex-tape lawsuit filed in 2010 by Ms. Leviston, rapper Rick Ross’s ex-girlfriend.

The verdict in the sex-tape lawsuit, which accused Mr. Jackson of posting the video on his website in 2009 as part of a “rap war” between himself and Mr. Ross, came as Mr. Jackson lost a dispute over a broken business deal to develop headphones. Mr. Jackson owes $18 million in that dispute, according to court papers.

In that business venture, an entity called Sleek Audio LLC made a deal with G-Unit Brands, Mr. Jackson’s licensing company, to allow Sleek to use Mr. Jackson’s trademarks. The deal fell apart when “Sleek failed to have the headphones ready for commercial production by the February 15, 2011, deadline,” Mr. Jackson’s bankruptcy lawyers said. Sleek Audio’s lawyers later filed an arbitration proceeding against Mr. Jackson, accusing him of stealing the design of the “Sleek by 50” headphones.

Mr. Jackson’s lawyers called Thursday’s plan “nothing more than a bad faith litigation tactic aimed at denying Mr. Jackson his rights” under bankruptcy law.

“The plan cannot be confirmed as a matter of law,” his lawyers said Thursday.

Judge Ann Nevins agreed to look over the proposal at a Feb. 18 hearing.

In the proposal, lawyers for Ms. Leviston and Sleek Audio noted that Mr. Jackson has been posting photos of himself on Instagram with stacks of cash and boasting about property purchases—none of which appear to be assets reflected in court papers. In November, he posted a photo on Instagram of stacks of money in his refrigerator, while another picture several weeks later has the rapper sitting on a bed with piles of money covering his legs.

In September, he also claimed to buy a house in Africa unblocked games online.

People who file for bankruptcy have to list in court documents all of the valuable items they own. If Mr. Coan is appointed, he would “be charged with the duty of reviewing and examining” the posts, according to court papers.

“A further review of [Mr. Jackson’s] social media accounts reveal other similar photos posted post-petition revealing [his] appearance at numerous and varied entertainment related events,” lawyers who wrote the plan said. “The [plan] proponents believe it is commonplace in the [his] industry for appearance fees and other remuneration to be received by [Mr. Jackson] in connection with such appearances.”

Mr. Jackson appeared on the music scene in 2003 with hit rap song “In Da Club.” He has sold more than 22 million albums and acted in films, including the recent boxing drama “Southpaw.”

His Farmington, Conn., mansion, once owned by boxer Mike Tyson, is reported to have 21 bedrooms, a racquetball court, a home movie theater and an eight-car garage.

50 Cent Biography

Curtis Jackson, known as 50 Cent, is a hip-hop artist and businessman who became famous for his streetwise raps and rags-to-riches life story.

“I come from the bottom and I have risen up and I have changed but I have never forgotten.”
—50 Cent

Image result for about 50 Cent


Curtis James Jackson III, known as 50 Cent, was born on July 6, 1975, in New York City. After an early life of crime, drugs and violence, he turned to a career as a rapper, rocketing to stardom with the release of the album Get Rich or Die Tryin' in 2003. One of the major figures in early 21st century "gangsta" rap, 50 Cent has since branched out to become a successful actor and businessman.

Childhood in New York
Curtis James Jackson III, now known by his rap name 50 Cent, was born on July 6, 1975, in the borough of Queens in New York City. He was raised in a broken home in the rough neighborhood of Jamaica. His single mother worked as a drug dealer and was murdered when Jackson was only 8 years old; after her death, he was raised by his grandparents. He had boyhood aspirations to be a boxer, but he began selling drugs when he was a teenager. He also began to rap during his high school years.

Breaking Into the Hip-Hop World
50 Cent's first important contact with the New York hip-hop scene was an introduction to Jam Master Jay from the group Run-D.M.C. Jay was impressed by 50 Cent's rapping ability and produced an album for him; however, it was never released. 50 Cent also made a false start with the Columbia label, recording an album that was shelved before its release.

In 2000, 50 Cent was the victim of a severe shooting incident that left him with multiple wounds and injuries. After his recovery, he began rapping again and made low-budget recordings with his friends Lloyd Banks and Tony Yayo, as a crew called G-Unit. Their efforts were noticed by the hip-hop stars Eminem and Dr. Dre, who promoted 50 Cent as a solo act and signed him jointly to their record labels.

Crossover Stardom
50 Cent's debut release, Get Rich or Die Tryin', was produced by Eminem and Dre. It was a massive success that eventually reached sales of 9 million units. Its singles, including "Wanksta" and "In Da Club," were crossover hits on the pop charts, since 50 Cent's gritty lyrics were backed by catchy musical hooks that appealed to audiences beyond the hip-hop scene. His personal appearance—muscled and tattooed, wearing a bulletproof vest and toting a handgun—was also a strong factor in his appeal, as was the fact that his rap lyrics were based on real-life experiences.

Get Rich was followed by another hit album, 2005's The Massacre, on which 50 Cent continued to rap about drugs, crime and sex on tracks like "Candy Shop" and "Just a Lil Bit." Later releases, including Curtis in 2007 and Before I Self-Destruct in 2009, didn't achieve the same sales figures. However, 50 Cent's personal history as a "gangsta," a criminal and a survivor of drugs, violence and poverty who had lived to tell the tale, had made him an influential figure in hip-hop culture.

Financial Successes and Problems
Following in the tracks of hip-hop moguls such as Dre and Jay-Z, 50 Cent successfully expanded his brand to other markets. He promoted and invested in Vitaminwater, a partnership that reportedly netted him $100 million when the company was sold to Coca-Cola in 2007. 50 Cent also founded the successful SMS Audio headphones line, and scored prominent roles in the films Escape Plan (2013), Spy (2015) and Southpaw (2015). Meanwhile, he ensured he remained a relevant name in the hip-hop industry with the release of the album Animal Ambition in 2014.

However, legal and financial problems mounted when he was sued by a girlfriend of rival hip-hop artist Rick Ross for releasing a sex tape without her permission. A jury found 50 Cent liable for $7 million in damages in July 2015, prompting the rapper-businessman to file for Chapter 11 bankruptcy protection.

'Bankrupt' rapper 50 Cent has a 24-bathroom house with a nightclub in it

The rapper 50 Cent's recent bankruptcy filing has drawn attention to a court hearing last month where a lawyer for a woman who sued him grilled about his notoriously flashy lifestyle.

50 Cent, whose real name is Curtis Jackson, filed for Chapter 11 bankruptcy after he lost a lawsuit brought by a woman named Lastonia Leviston whose sex tape he published on the internet.

The rapper was ordered to pay $5 million, and an attorney for Leviston has suggested he only filed for bankruptcy to avoid paying up in the lawsuit. During a hearing in Manhattan earlier this month, attorney Philip Freidin pressed 50 Cent repeatedly about his assets, earning opportunities, and showy lifestyle.

50 Cent admitted that he had a home with the following amenities:
His own personal nightclub (in the house)
21 bedrooms
24 bathrooms
Movie theater
Basketball court
Swimming pool
Grotto (It's not clear what "grotto" means in this instance, but it's generally a word used to refer to a cave.)
17 acres of land

  ZillowAnother image from a home with the address 50 Cent listed. This could be the grotto.

Here's the exchange about 50 Cent's house from the court transcript, which Business Insider has obtained:

Lawyer: What about your home, let's talk about your home. That home has 17 acres?

50 Cent: Right.

Lawyer: Twenty-one bedrooms?

50 Cent: Yeah.

Lawyer: You own that home, right?

 ZillowHere's another shot of the address 50 Cent listed as his. This appears to be a home movie theater.

50 Cent: Yes.

Lawyer: And it has 24 bathrooms?

50 Cent: Yes.

Lawyer: Tennis court?

50 Cent: Yes.

Lawyer: Basketball court?

50 Cent: No tennis court.

ZillowThis appears to be a dining area.

Lawyer: No tennis court?

50 Cent: No.

Lawyer: Are you sure?

50 Cent: Yeah.

Lawyer: Basketball court?

50 Cent: Yes.

Lawyer: Your own personal nightclub?

50 Cent: Yes.

Lawyer: In the house, right?

  ZillowAnd here's a bedroom with a spiral staircase.

50 Cent: Yes.

Lawyer: You've got a movie theater in the house?

50 Cent: Yes.

Lawyer: You've got a large swimming pool?

50 Cent: There is a swimming pool.

Lawyer: And a grotto?

50 Cent: Yep.

We reached out to a representative for 50 Cent for comment on this exchange, and we will update the post if we hear back.

50 Cent net worth: 'Bankrupt' rapper promotes new music after cutting price for mansion

Image result for about 50 Cent

It looks like when 50 Cent promised to Get Rich of Die Tryin', he meant every word. The hip-hop star has been busy promoting his new music, despite being forced to lower the asking price for his 21-bed mansion again after filing for bankruptcy this summer.

While some stars would be keeping a low profile as they get their financies in check, the rapper –who has a penchant for stashing $100 bills in his fridge – is refusing to let his legal woes get the better of him. It was business as usual for the star, who has been pushing his recently released mix tape The Kanan Tape.

The 40-year-old music mogul, whose real name is Curtis Jackson III, surprised fans when he took to the stage at The Breakfast Club anniversary bash and rather than stick to the hits, the G-Unit boss performed some of his new material.

"I don't wanna run through the old sh*t," he told the crowd at the Hammerstein Ballroom in NYC before kicking of his gig. Although some members of crowd were unfamiliar with tracks including too Rich, I'm the Man and Tryna F**k Me Over, they couldn't knock his hustle and chose to just enjoy the rare set.

A quick scan of his Instagram page and it's clear that he is also using social media as a marketing tool for the new record. His page is currently littered with promotional material. "I get high off seeing people enjoy music. Film and Television is great but there is nothing like it. #goutdediamants #EFFENVODKA #FRIGO #SMSAUDIO" one caption read.

Earlier in December, Fiddy reduced the price of his Connecticut mansion by $10m (£6.7m). He originally wanted $18.5m (£12.4m) for the luxury 21-bedroom, 25-bathroom home in Farmington, which includes an indoor pool and "substantial nightclub" according to its real estate listing. According to the Hartford Courant reports, he purchased the 4,645m sq for $4.1m in 2003, but invested between $6m-$10m on renovations.

In May 2014, Forbes reported that Jackson had a net worth of $140m. In July 2015 a judge ordered the Grammy winner to pay $5m in damages to Lastonia Leviston, 36, after posting a sex tape involving her boyfriend, without her consent. Days later he filed for chapter 11 bankruptcy in a move designed to protect him from some of the fallout from these losses.

Chapter 11 bankruptcy allows a business or a person to claim insolvency, but gives them time to reorganise their finances and negotiate a repayment plan with creditors. However, the entity's finances and plans are overseen by a court.

50 Cent has reduced the price of his mansion to $8.5m after initially listing it for $10m more

50 Cent on women: ‘I’ve got options — but with options come confusion’

“You wanna see my Versace toilet?”

In a photo studio on Manhattan’s West Side, Curtis Jackson III — better known to the world as 50 Cent — is tugging on a crisp white shirt and sumptuous velvet blazer for our Alexa cover shoot. In his state of undress, the handsome rap king-turned-actor, producer and designer grabs his phone and flashes a pic of the regal bathroom in one of his homes (he’s rumored to have three in the tristate area, including a Midtown apartment).

Said Versace toilet is, indeed, a thing to behold. The seat is decked out in gilded patterns, which reflect the dazzling chandelier hanging above. In a nearby bedroom, mind-bending 3-D wallpaper makes the walls appear to shrink, fun house-style, in the distance. An enormous photo of the Brooklyn Bridge covers an entire wall of the blinged-out living room.Modal Trigger                                                                                                                   
Image result for about 50 Cent

Now 40 years old, Fiddy (still his preferred nickname) is enthusiastic about the art in his abodes, including photos of pieces from Al Farrow, the Brooklyn-born artist who creates sculptures of churches, mosques and synagogues using guns and bullets.

“People don’t expect this s–t of me,”he says.

But those expectations may soon be changing. Despite recent reports of financial woes, the Grammy-winning songwriter and rapper is throwing his silken top hat into several high-end arenas. This month he landed a Fox comedy series called “My Friend 50,” in which he’ll star as himself.

“I think [comedy] comes naturally to me,” Fiddy says of the new show. “I try to bring humor to every situation I’m in. And I like the ability to become a different person and create a character.”Modal Trigger

Image result for about 50 Cent

A seasoned performer, Fiddy not only showcased his acting chops on the Starz drama “Power” (top and bottom right), but he’s about to toss his hat into the comedic ring on a new sitcom, “My Friend 50.”Photo: WireImage; Myles Aronowitz (2)

This year he also appeared as Jake Gyllenhaal’s former manager in the boxing flick “Southpaw” and snagged a third season of “Power,” the Starz show he executive-produces and appears in, about a drug runner/nightclub owner trying to go straight.

That plotline hits close to home for Fiddy, who was born and raised in the none-too-plush South Jamaica region of Queens. His mother, Sabrina, dealt drugs. “It was either that or welfare,” he says matter-of-factly. “When the goal is to achieve something, shortcuts are not bad options.” She died when he was only 8 years old, and he was taken in by his grandmother, Beulah, with help from his aunts.

“My mom was one of nine kids, so when she died, I became the new number nine for my grandma,” he remembers fondly. He quickly gained a taste for the high life:

“One year, she bought me the Atari 7600 for Christmas. I had Pac-Man and Centipede. Life was good!”Modal Trigger

Image result for about 50 Cent

Life would soon get wildly better as he rose to the top of the gangsta-rap world, with help from mentors Eminem and Dr. Dre. His 2003 “Get Rich or Die Tryin’ ” album, featuring smash anthem “In da Club,” was Billboard’s album of the year and earned five Grammy nods — it went on to sell 8 million copies in the US and earned Fiddy an ASCAP songwriter of the year award. He dove headlong into the dizzying success — dating actress Vivica A. Fox and splurging on friends and family.Modal Trigger

Image result for 50 cent and vivica fox

“I did crazier things than crazy people — I was spending half a million dollars a year,” he says with a wide smile, tucking into a post-shoot Chick-fil-A sandwich. His muscular build, inked limbs and thug-life lyrics might be intimidating, if it weren’t for his contagious charm. “At the time, I was with the mother of my first son, Marquise, and I was also taking care of her daughter [from a previous relationship],” he recalls. “Everybody got everything they wanted for Christmas — clothes, jewelry, whatever.”

He also elevated his clothing game, favoring chic, tailored business attire over street wear.

“Where I come from, suits are associated with court dates and funerals, but I made the adjustment as I grew,” he says. “I still get people asking me, ‘Why are you wearing that?’ But they don’t mean enough for me to care.”

That unabashed confidence has served him well. His sixth album, “Street King Immortal” — which keeps his tough image firmly intact — is slated to drop early next year, with the singles “Get Low,” featuring Jeremih, 2 Chainz and T.I., and “9 Shots” already out. And he recently signed a $78 million endorsement deal with high-end men’s underwear line FRIGO — which sell for $100 a pair.

He grabs a sample from an assistant and elegantly points out its features, Vanna White-style. “Most luxury underwear is for women,” he explains, practically purring. “But men deserve to treat themselves better, too.”

Fiddy also invested early in VitaminWater (he reportedly cashed out for $100 million), and is vocal about his EFFEN vodka sponsorship. (This fall he Instagrammed a shot of a freezer stuffed with stacks of cash, along with a vodka bottle staged front and center.)

The hustle still comes natural to Fiddy, but he says he’ll scale back during the holiday season. “Christmas revolves around my little guy,” he says, referring to 3-year-old son Sire, whose mother is model Daphne Joy (she and Fiddy have since split). “I entertain myself by entertaining him.”

His older son, Marquise, now 18, is more distant. The two have had public fallings-out, particularly in 2013, when Marquise revealed private, vitriolic texts from his dad. Fiddy is clearly rueful about the damaged relationship.

“When you pray for success, you don’t pray for envy, jealousy or entitlement,” he says, leaning in. “But those things are common side-products.”

While there’s currently no official lady in his life, “I have options,” he says with another cheeky smile. “But with options come confusion.” For now, he’s focused on work — and Yuletide celebrating.

His favorite holiday track? “Christmas in Hollis,” naturally, by fellow Queens natives Run-DMC. “It’s hard to do a Christmas song that’s good — that was the first one I was ever excited about,” he says.

Despite his sophisticated new style and projects, Fiddy remains anchored by his love of playful, no-pretense mischief. He’ll ditch his glam Manhattan apartment and head home to Queens for the holidays. His grandmother died in 2014, but two of his aunts, Geraldine and Laurie, and his grandpa will make sure the big day goes off with a bang.

“My aunt Geraldine is my favorite,” he says warmly. “She knows it, too. They still buy me stuff like socks for Christmas, but you can never have enough. They cook the food on Christmas too.

“What do I bring to the table?” he continues, pausing for half a beat. “I bring me! I’m the entertainment!”