Here's 50 Cent's Plan to Get Un-Bankrupt
By Hayden Wright
Last year, 50 Cent was ordered to pay $7 million to a woman for playing a role in leaking a sex tape without her permission. That ethical catastrophe blew the lid off some other cash flow problems in his financial life that led to the rapper filing for bankruptcy, claiming he was unable to meet the requirements of the settlement. At the time, 50 claimed $36 million in debts against his $20 million in assets, creating a $16 million hole. A judge has now approved his plan for climbing out of that hold, reported the BBC. Here's the math:
- Lastonia Leviston, the woman from the sex tape judgment, has agreed to accept a reduced settlement of $6 million. That could subtract $1 million from 50's total docket of liabilities.
- 50 is on the hook to pay creditors with unsecured claims between 74 and 92 percent of what he owes. That could potentially bring the total bill down to between $11.1 million and $13.8 million.
- The restructuring plan will begin with a $7.4 million down-payment-style installment to be disbursed among various creditors.
Related: 50 Cent Ordered to Bankruptcy Court After Judge Sees His Instagram
These terms could leave an outstanding balance between $3.7 million and $6.4 million, based on the figures 50 reported last year. The good news for 50? US bankruptcy judge Ann Nevins said he has a "significant ability to generate income" so the dream to get rich or die trying is still attainable.
Just stay off Instagram until it's paid, 50.
