The other day reports of 50 Cent filing for Chapter 11 bankruptcy hit the internet and rumor began to surfaced about why the Forbes List Hip Hop Cash King had took such drastic measures. Some feared that 50 Cent was on the downside within his finances, but the Chapter 11 filing was done to reorganize and restructure debt situation. See what 50 Cent had to say about his current financial situation below.
Curtis Jackson says that he is simply making the same moves that any good businessman would. In a statement to press he said,
“I’m taking the precautions that any other good businessperson would take in this situation. You know when you’re successful and stuff, you become a target. I don’t wanna be a bulls eye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that. Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward. I gotta descent legal team. You don’t have to worry.”
Also, giving an update on the bankruptcy is William A. Brewer III, partner at Brew, Attorney & Counselors and part of 50’s counsel who issued a statement to Billboard, which can be read below.
“The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests. Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case. This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs.”