50 Cent Downplays Bankruptcy Filing: ‘I’m Taking Precautions’
One day after filing for chapter 11 bankruptcy, 50 Cent downplayed the move as a normal, preventive measure while at a junket for Southpaw, the new boxing movie he stars in alongside Jake Gyllenhaal, E! reports.
“I’m taking the precautions that any other good businessperson would take in this situation,” 50 Cent, whose real name is Curtis Jackson, said. “You know when you’re successful and stuff, you become a target. I don’t want to be a bullseye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that.”
Jackson echoed the sentiment of his lawyer, William A. Brewer III, who said in a press release accompanying the news Monday that filing for Chapter 11 allowed the rapper “to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests.”
Though no specific “professional liabilities” were mentioned, the move followed a $5 million judgement against the rapper after it was determined that he leaked a sex tape made by Ross’ ex-girlfriend, Lavonia Leviston, and her boyfriend.
While Jackson did not address the suit at the Southpaw junket, he went on to explain his filing for bankruptcy as business-as-usual. “Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy,” he said. “It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward.” He added: “I gotta decent legal team. You don’t have to worry.”
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Per Brewer’s statement, Jackson’s various business ventures and his work as an entertainer will continue as he restructures his finances. Court documents report the rapper as having assets and debts between $10 million and $50 million.
In Forbes’ 2015 rundown of Hip-Hop’s Wealthiest Artists, the magazine estimated Jackson’s current net worth at $155 million, enough to place him fourth on the list. 50 Cent’s last studio album, Animal Ambition, arrived in September 2014, and his next, Street King Immortal, is tentatively slated for September.