In a recent court document, 50 Cent, whose surname is Curtis James Jackson III, argued that his bankruptcy isn’t from “excessive current expense” but is due to “substantial costs for litigation.” Mr. Jackson specifically charges lawyers for interfering with a business deal that prompted Mr. Jackson to pay $17.2 million to an old partner. He was also ordered to pay $5 million to a woman who claims Mr. Jackson impeded her privacy by posting a sex tape they made online.
Mr. Jackson filed Chapter 11 protection on Monday shortly before he was forced to pay for the sex tape lawsuit. His lawyers claim, “While Mr. Jackson has substantial assets, he does not have the ability to pay the full amount of these litigation claims and all other asserted claims at the present time.”
Indeed, Mr. Jackson is not the first man with a high net-worth to run into cash flow problems. But Mr. Jackson’s case is specifically troubling given the vast amount of liquid assets he has accrued during his pop career, begging the question, “where is his money going?”
This is the million dollar question everyone’s been asking (pun intended.) 50 Cent has been known to spend lavishly on boats, cars, jewelry, clothes, bottle service, and houses. He is also known to be a bigtime gambler boasting about the millions he placed on the Mayweather fighter. He also owns a 21 bedroom home in Connecticut that was once owned by another famed bankrupt, Mike Tyson.
Of course, what actually happened will come to light in the next couple months. Although people like to blame lawyers for all their problems, it is highly improbable that the trials and tribulations of 50 Cent are the result of lawyers and the legal system in general.