50 Cent bankrupt

[Ns1]

Seems like it. Multiple times in Wikipedia under "Portfolio and Wealth" it basically says "he's rich."

"estimated net worth" is synonymous for "i pulled this number out of my ass for hits"

 

[pete6032]

"estimated net worth" is synonymous for "i pulled this number out of my ass for hits"

On his court filing he listed estimated assets of $10-$50 million, and estimated debts of $10-$50 million.

I'm not sure how businesses are factored into that amount. Like, what if the businesses he owns is sitting on a pile of cash, but the cash belongs to the business and not him.

He seems to be very far from "bankrupt" though.

 

[zinfamous]

So you're telling me that Vitamin Water wasn't able to pay off Mike Tyson's old mansion?

 

[Ns1]

On his court filing he listed estimated assets of $10-$50 million, and estimated debts of $10-$50 million.

I'm not really good at math, but 50m in assets less 50m in debt is something far less than a net worth of 140m.

 

[zinfamous]

I'm not really good at math, but 50m in assets less 50m in debt is something far less than a net worth of 140m.

Don't you deal with Hollywood finances?

I thought it was something like:

Production cost: -$120 million
Take: $600million

some math + "Fees" = -$500million

project = net loss.

 

[Ns1]

Don't you deal with Hollywood finances?

I thought it was something like:

Production cost: -$120 million
Take: $600million

some math + "Fees" = -$500million

project = net loss.

Oh that's 1 billion in revenue you say?

Well let's take off the 40% distribution fee, all expenses, cost of production, interest since beginning of time, overhead, amounts paid to everyone and their mom, and that 20 million advance we gave you + interest....

Sounds like you're in 600k in the hole! When can we expect that check from you?

 

[Imp]

Meh, go Chapter 7 or go home.

 

[highland145]

Meh, go Chapter 7 or go home.

If you go 7, you can't go home because you don't have one.

 

[Mai72]

Maybe 50 put his money on the Harlem Globetrotters?

https://www.youtube.com/watch?v=s4GAj2v4BIE

 

[manimal]

If you go 7, you can't go home because you don't have one.

/thread

turn out the light. Highland has closed this thread multiple times.

 

[Rakehellion]

How the hell? Didn't he make over 100 million from selling his stake in vitamin water alone?

Seriously. He was one of the richest rappers in the world like 5 years ago.

 

[s0me0nesmind1]

So apparently he had some "rap battles" of smack talking with the other rapper "Rick Ross" in his music, twitter msgs, etc...

So apparently, this is Rick Ross' ex-girlfriend that is sueing him for releasing the sex video. So effectively, if he were to pay this Rick Ross would be rolling over laughing his ass off. Sounds like he is trying to not be the loser and pay Rick's ex?

 

[zinfamous]

Maybe 50 put his money on the Harlem Globetrotters?

https://www.youtube.com/watch?v=s4GAj2v4BIE

You mean Washington Generals.

 

[Rakehellion]

Sounds more like a business play than real bankruptcy.

Yeah, everyone wants to get into business with someone who just went bankrupt.

 

[PliotronX]

50 cent is penniless?

 

[Wreckem]

Him declaring personal bankruptcy has zero reflection on how much money he actually has access to. The wealthy have asset management tools to protect themselves from creditors and lawsuits.

 

[highland145]

50 cent is penniless?

His case quarters have been busted.

Him declaring personal bankruptcy has zero reflection on how much money he actually has access to.

Per Ns1's post. "He's well protected."

 

[PliotronX]

Well I mean, if he owes 45 cents of his 50, that is quite the ironing (delicious).

 

[pete6032]

I'm not really good at math, but 50m in assets less 50m in debt is something far less than a net worth of 140m.

Like I said, I'm not sure how they count his businesses, if they are corporate entities I'm not sure they would be counted as personal assets when filing personal chapter 11.

 

[Rakehellion]

Him declaring personal bankruptcy has zero reflection on how much money he actually has access to. The wealthy have asset management tools to protect themselves from creditors and lawsuits.

Yeah, but it can't be a good sign if he's going through all this over a lousy $5mil.

 

[pete6032]

Yeah, but it can't be a good sign if he's going through all this over a lousy $5mil.

Depending on the judgment against him, if he did not have $5 million in liquid assets, would he not have to file for Chapter 11? He may have the money in illiquid assets that can be used immediately to pay off the lawsuit?

 

[preslove]

Yeah, but it can't be a good sign if he's going through all this over a lousy $5mil.

He was hit with another $17 million lawsuit recently, too.

 

[It's Not Lupus]

i lol'd. I never liked his music.

 

[Printer Bandit]

At least he has acting to fall back on.

 

[BUTCH1]

Who cares, rap "music" sucks a goat's ass anyway.