50 Cent Says Protection’s Behind Bankruptcy Filing: “You Get A Bullseye Painted On Your Back”

Written By Cyrus Langhorne

50 Cent
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G-Unit head 50 Cent recently talked about his now-publicized bankruptcy filing this week and the attention he has received since the news spread.

Appearing on “Conan” a couple nights ago, Fif admitted he needed protection.

Jackson made light of his bankruptcy on Wednesday night in an appearance on “Conan.” “I need protection,” Jackson said after host Conan O’Brien asked about his bankruptcy filing. “You get a bullseye painted on your back when you’re successful and it’s publicly noted. You become the ideal person for people to have lawsuits for.” “Right,” O’Brien said. “People have been saying that this is a way to protect yourself against lawsuits.” “It is and to reorganize things,” Jackson said. (ABC-7)

According to reports, Fif owes his grandfather major bucks.

According to the docs — obtained by TMZ — 50 owes grandpa $1,737.33. But that’s just the tip of a $26 million debtor’s iceberg. 50 also owes $137,880 to Bentley, $64,909 to American Express and, oh yeah, 2 court judgments totaling more than $23 million. And there’s more that’s just boring debt. (TMZ)

This week, 50 talked about the negative attention high-profile celebrities receive due to fame.

“I’m taking the precautions that any other good businessperson would take in this situation. 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. … Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward.” (E! Online)

Fif issued a statement on his bankruptcy filing through his attorney Monday (July 13).

“The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests,” says William A. Brewer III, partner at Brewer, Attorneys & Counselors, and counsel to Mr. Jackson. Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case. (Billboard)

4 Comments

Written by Cyrus Langhorne

SOHH.com Writer. You're likely to find me covering hip-hop news and music releases. Netflix is still my go-to before Disney Plus.

4 Comments

    • 28M in claims vs 24M in assets. Ouch. And the punitive damage number hasn’t been decided yet. Ouch. But it’s not all your hero’s fault, he got ZIRPed. Now he’ll join the list that includes Joe Louis, Nas, Redd Foxx, Lil Wayne, Chris Tucker and many, many others of people making big money and making big monthly payments for life, although all the others I mentioned owed and owe the IRS. But there’s still time for them to pile on too…..

  1. He should have ran for politics. He sure put a spin on that one. One problem though. He said “when you are successful”. Doesn’t he mean we’re successful? Because that is why he is filing bankruptcy. Because he hasn’t been successful in quite some time…

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