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50 Cent submits tentative bankruptcy settlement

On Behalf of | Jun 3, 2016 | Personal Bankruptcy | 0 comments

In the wake of filing a proposed $23.4 million bankruptcy settlement, rapper 50 Cent posted a photo of himself in a dapper red suit with the caption, “I’m gonna hustle till I die, I get high off winning. I gotta do it again and again forgive me.” The proposal is part of his Chapter 11 bankruptcy payment plan that will require court approval before it is implemented.

The plan involves the musician making a $6 million lump sum payment to Lastonia Leviston, who won a previous lawsuit relating to an explicit sex tape of the two of them, which he released on the Internet. The agreement states that if the rapper does not pay Leviston within 30 days, the previous court judgment of $7 million will go back into force.

In addition to the lump sum $6 million payment, 50 Cent has made a tentative agreement with Sleek Audio, which won an $18.1 million judgment against him for his alleged use of their headphone design in a line of his own headphones. The rapper will pay Sleek Audio $17.3 million if the settlement proposal is approved. Finally, the rapper will pay $1 million to his pending mortgage, and $5 million to ASCAP for royalty advances and other debts owed to financial institutions.

Fortunately for 50 Cent, it does not appear that he will have a hard time paying off these debts. He plans to liquidate an $8.2 million Connecticut property and he plans to receive $75 million in a malpractice payout, which should be sufficient to cover these costs. Nevertheless, the bankruptcy court judge still needs to sign off on this proposed settlement before it will go into effect.

Kentucky residents might feel disconnected from the bankruptcy stories of the rich and famous. Indeed, it is difficult for most people to comprehend a single person having millions of dollars’ worth of debts. However, financial troubles are all relative to the size of one’s income and assets, and the size of one’s debts. As such, for many Kentucky residents, a $20,000 debt can be just as financially and psychologically destructive as 50 Cent’s situation.

Source: Wet Paint, “50 Cent to Pay Creditors $23 Million in Bankruptcy Settlement — Report,” May 19, 2016