By Robert Stitt
When 50 Cent filed his Chapter 11, last June, he claimed that he owed nearly $50 million, just enough to offset his assets, but not enough to pay the $7 million judgment against him in favor of rival Rick Ross’s ex, Lastonia Leviston. He said he certainly could not afford the $17 million award to his ex-business partners who sued him over a failed headphone deal.
Just last month, it appeared that times had been hard on the multi-millionaire as new court documents showed that he was down to a mere $16 million in assets. Even so, Judge Ann Nevins wasn’t buying it, especially after a number of social media pics showed up with the rapper surrounded by stacks of “Benjamins” and even a wall made out of piles of money.
The appraisers were sent out, and they came back with a very different story than the one 50 Cent has been telling. The appraiser’s figures show assets in excess of $64 million with liabilities in the $36 million range. According to the Daily Mail, the artist’s “current monthly income is $184,000-plus. The appraisers also valued his home goods to $131,000 including $49,000 in jewelry alone…over $10 million in checking and stocks as well as his various G-Unit and other businesses which are worth over $44 million.”
Judge Nevins said she is “concerned about allegations of nondisclosure and a lack of transparency in the case. There’s a purpose of having a bankruptcy process be transparent, and part of that purpose is to inspire confidence in the process.”
It is likely that the bankruptcy will be thrown out and 50 Cent will lose the asset protection it affords. This means those with judgments can go after his wealth to collect their settlements.