50 Cent Reaches Deal With Creditors Over Debt
Curtis “50 Cent” Jackson was called back to bankruptcy court this week after the Queens rapper posted pictures of money to his Instagram page. Some of 50’s creditors were concerned the Hip Hop mogul was not reporting all of his income, but those issues appear to be settled.
According to the Hartford Currant, 50 Cent’s lawyers reached deals with the creditors that hold around 95% of his debts. If the agreement is approved by U.S. Bankruptcy Judge Ann Nevins, all of the entertainer’s secured creditors will be paid in full. Unsecured creditors will be paid between 74% and 92% of what they are owed over five years. The faster 50 makes his payments, the lower total amount he will have to pay.
A Justice Department trustee is asking the judge to appoint an examiner to oversee 50’s finances. The social media postings were troubling for U.S. Trustee lawyer Holley L. Claiborn. However, 50’s legal team has insisted the cash used in the photos was fake and he is reporting all income and expenses.
Patrick Neligan, 50’s bankruptcy lawyer, told the judge, “[Many of Jackson’s fans] come from poverty. They want their favorite rapper to be rich. Money is important.”
50 Cent claims to have $19 million in assets and $36 million in liabilities. The Get Rich Or Die Tryin’ performer posted a message on IG, “For some reason people love me. I went to court today and all I felt was love. They asked me about money I said I ain’t got none,but if you want some M&M’s, here ya go.”