G-Unit boss 50 Cent is reportedly getting closer to his publicized bankruptcy case coming to an end.
According to reports, a federal bankruptcy judge gave preliminary approval on a assets statement submitted by 50’s legal team Wednesday (May 18).
Lawyers worked “very hard to reach a compromise mechanism,” Judge Ann M. Nevins said at the end of the more than one-hour session in Hartford. A third and final disclosure statement that will include changes such as a provision calling for a bond will be submitted May 27. The plan, which is backed by 50 Cent, is intended to provide information to those with claims against him before they vote on a reorganization plan. (Courant)
Reports earlier this week revealed how much of a hurdle 50 had in his pricey bankruptcy case.
While The Get Rich or Die Tryin’ star, whose real name is Curtis James Jackson III, previously said he was only $28 million in the red, it has been revealed he is actually $36 million in debt – and he only has $19 million in assets, according to the documents obtained exclusively by Daily Mail Online. (Daily Mail Online)
In mid-April, reports claimed 50 would reach a multi-million dollar plan to settle his bankruptcy drama.
Fiddy plans to dole out the biggest pay-out to headphone company Sleek Audio, with $17.3 million, according to court documents obtained by the gossip site. He also pledged $4.9 million to Sun Trust Bank and said he plans to liquidate some of his assets to cover the massive debt. The hefty proposal would work out to roughly $400,000 a month. (New York Daily News)
U.S. Bankruptcy Judge Ann M. Nevins scolded Fif in court last month.
I would like to make a brief comment about the use of social media,” she said. “I want to be clear that when parties are in this courtroom or … they’re in a conference room around the corner from this courtroom, that’s not funny. … There’s nothing funny going on here. This is very serious stuff. So, I just want to make that point.” (Hartford Courant)