One thing we should all know by now is 50 Cent plays chess not checkers.
On Saturday, I told you the Hip Hop mogul was ordered to pay Rick Ross‘ baby’s mother, Lastonia Leviston, $5 million in damages for posting a sex tape of her on YouTube in 2009.
Curtis James Jackson III is to pay Lastonia $2.5 million in damages for violating her civil rights for using her image without her permission and $2.5 million for intentional infliction of emotional distress. But, there was the possibility of an even bigger payoff once the jury decided how much money Ms. Leviston should receive in punitive damages.
On Monday, the same day he was to appear in court to determine how much he would have to pay Lastonia Leviston in punitive damages, 50 Cent filed for chapter 11 protection in the U.S. Bankruptcy Court in Hartford, Connecticut.
The five-page bankruptcy petition didn’t list the lawsuit, but filing for bankruptcy protection halts all lawsuits and collection efforts.
50’s attorney, William A. Brewer III, released a statement saying, “This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs.”
According to court papers, Fiddy’s net-worth is between $10 million and $50 million. Suuuuure he needs time to reorganize.
Be sure to check back for any more developments in this case!
FOLLOW US: Google+ | Facebook | Twitter | Instagram | Pinterest | Tumblr | Join Our Mailing List
DOWNLOAD OUR APP:
SUBSCRIBE TO OUR PODCAST: