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50 Cent Reaches A Deal With Creditors To Solve Bankruptcy Woes
50 cent’s money problems may be over pretty soon. According to Hartford Currant, he’s in the final steps of making a deal with his creditors.
This is happening even after he was called back to bankruptcy court for particular instagram posts that raised questions about whether he was reporting all of his income. Turns out, the money in the photos is just as fake as the ‘crib in Africa’ that he was flagged for flaunting.
Despite all of this, lawyers from both sides have worked out the kinks and agreed on a deal that would allow Fifty to make lower repayments if he pays up fast enough.
If approved by U.S. Bankruptcy Court Judge Ann Nevins, this deal would have all secured creditors paid in full and have unsecured creditors paid between 74 and 92 percent of what they are owed over five years.
Sounds like a winner for our boy Fifty. For now, he just needs to figure out how to maintain his street cred and brand on social media while at the same time, not invite scrutiny from the Justice Department and the bankruptcy court.
A Justice Department trustee is asking the judge to appoint an examiner to oversee 50’s finances. The social media postings were troubling for U.S. Trustee lawyer Holley L. Claiborn. However, 50’s legal team has insisted the cash used in the photos was fake and he is reporting all income and expenses.
Patrick Neligan, 50’s bankruptcy lawyer, told the judge, “[Many of Jackson’s fans] come from poverty. They want their favorite rapper to be rich. Money is important.”
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