The rapper and business mogul filed for Chapter 11 bankruptcy on Monday after a lawsuit ruled he had to pay a woman $5 million for leaking her sex tape on YouTube. The woman was Lavonia Leviston, Rick Ross’ former girlfriend and mother of his children. Leviston was caught in the middle of 50’s beef with Ross in 2009.
Speaking at a press junket for his new movie Southpaw, 50 (real name Curtis Jackson) said he decided to file for bankruptcy to keep the rest of the money in check.
“Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy,” the hip-hop star continued to E! News. “It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward.”
In other words, 50 isn’t interested in dealing with any more lawsuits.
“I’m taking the precautions that any other good businessperson would take in this situation,” he said. “You know when you’re successful and stuff, you become a target. I don’t wanna be a bulls eye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that. I gotta descent legal team. You don’t have to worry.”
The rapper’s debts were revealed to be the same as his asset net worth–between $10 and 50 million.
SOURCE: E! News | VIDEO CREDIT: NDN
Here’s 50 Cent’s Rather Questionable Reason For Filing For Chapter 11 Bankruptcy was originally published on newsone.com