At the center of 50 Cent’s ongoing bankruptcy case is a struggle to determine the rapper’s actual worth and holdings. While 50 himself claimed to have $16 million in assets, suspicions were raised due to photos posted on social media showing the rapper showing off large sums in a seemingly nonchalant manner. 50 claimed the money was just an accessory, leaving many wondering when and how a resolution would be reached.
But after 50 days in a Connecticut bankruptcy court on Wednesday (March 9), the Hartford Courant reports that the lawyers of the To be able to executive have reached agreements with creditors who own more than 95 percent of its debts. If the deal is approved by US Bankruptcy Judge Ann Nevins, all secured creditors would be paid in full while unsecured creditors would be paid between 74 and 92 percent of what they are owed over five years. 50 filed for bankruptcy in July after losing a lawsuit for leaking a sex tape of Rick Ross and the mother of his child. Although he reached a settlement of $6 million, 50 claims that his assets currently total $19.86 million while his liabilities stand at $36.09 million.
Those numbers remain a point of contention in the case, with Holley L. Claiborn, an attorney for the US Trustee, pointing to photos posted on Instagram as an indication that 50 is mocking the process. She asked the judge to appoint an independent examiner to review the 1950s finances, as an examiner will âresolve lingering doubts that what is happening is not being taken seriously by the debtor,â according to Claiborn. She added that the boastful photos “invite a certain disrespect for the bankruptcy process.” 50 and his lawyers argued that the photos were intended to be shown as part of the persona of 1950s celebrities and as promotional efforts for different commercial ventures.
50s lawyers argued that IG posts maintain the rapper’s brand and that as a hip-hop figure, he needs to project the aspirational aspects of his lifestyle to fans. By using social media, the 1950s lawyers said, he was able to continue working and staying in touch with his audience. Two of the biggest creditors of the 1950s have received clarification over the photos saying they now understand how hard the rapper works.
The judge in the 1950s case did not appoint an examiner on Wednesday, but said she would consider the application and approved the hiring of a law firm to help sell the 1950s mansion 50 in Connecticut. Read the whole story at Hartford Current and check out Instagram of the 50s for a future official commentary.
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