The 40-year-old New York born
entertainer called the voluntary Chapter 11 filing in a Connecticut bankruptcy
court a “strategic business move” that would not affect fans.
“They won’t see any adjustments ... I’m clear on my
target and
I’m not going to allow myself to fall apart based on little things,” 50 Cent
told Reuters in Los Angeles while promoting his forthcoming film “Southpaw.”
Lawyers for the “Get Rich or Die Tryin” singer filed court papers in US
Bankruptcy Court in Hartford under the musician’s real name, Curtis James
Jackson III.
It came two months after 50 Cent filed for bankruptcy protection
for his SMS Promotions boxing Promotion Company, and three days after the
rapper was ordered by a Manhattan court to pay $5 million in damages to a woman
over a sex tape posted online in 2009.
The court case stemmed from a video in which the rapper is
accused of adding a commentary to a tape that the woman made with her boyfriend,
and posting it online without her permission.
The woman in the sex tape on Monday filed court papers in a bid
to continue with the punitive damages phase of the trial involving 50 Cent,
which would normally be halted under the bankruptcy filing.
In May, Forbes named 50 Cent as one of the five wealthiest
hip-hop artists in the United States with a net worth of $155 million, largely
from his business interests in clothing, beverages and music technology.
William Brewer, an attorney for 50 Cent, said in a statement
that the bankruptcy filing would allow him to “continue his involvement with
various business interests and continue his work as an entertainer” while he
reorganizes his financial affairs.
Monday’s bankruptcy filing lists his liabilities as in the
region of $10 million to $50 million and his estimated assets in the same
range.
The rapper has sold more than 30 million albums worldwide and
won a Grammy Award in 2010. He has also worked as an actor, appearing in the
2008 film “Righteous Kill,” and as a boxing promoter.
His latest movie “Southpaw,” in which he plays a manipulative
manager and boxing promoter, is due for release in U.S. movie theaters next
week
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