For anyone who think these rappers are really ballin...

[Fucky McFuckerson]

...call it the 50 Cent blueprint. Not everything is what it seems in hip-hop.

50 Cent testifies his lifestyle is an illusion: 'I take the jewelry and cars back to the stores'


After filing for bankruptcy last week, 50 Cent, whose real name is Curtis Jackson, appeared in a Manhattan Supreme Court on Tuesday morning to testify that he is not as wealthy as his flashy lifestyle makes him appear to be.

While Forbes estimated the rapper's fortune to be about $155 million in May, Jackson's lawyer said in court Tuesday that his client's worth is $4.4 million, which presents a problem after he was hit last week with a $5 million verdict for publishing a sex tape starring rival Rick Ross' ex-girlfriend.

Jackson explained in court that while his social-media accounts may be filled with flashy photos, "I take the jewelry and the cars back to the stores," according to the New York Daily News.

When the judge asked the rapper about his 38 million record sales, Jackson said, "I make 10 cents a record."

Jackson also said he made $100,000 for the two movies he's currently in, "Spy" and "Southpaw." For his current role on Starz's hit series "Power," which he also executive-produces, Jackson said he's pocketed only $150,000 from each of its first two seasons.

Despite the filing, Jackson did admit that he recently threw cash around at a Florida strip club and bought a Rolls Royce on July 4, but added "I took two others back" to buy it, according to NYDN.

During his testimony, Jackson said he was worried that his "brand" had been tarnished since the bankruptcy filing last week, saying, "Now that I filed for bankruptcy, I’m not as cool as I was last week."

Jackson did manage to say a minor apology to Lastonia Leviston, who was awarded $5 million after he allegedly published a sex tape in which she is featured without her consent: "I'm sorry if you feel like I hurt you."

50 cent courtJefferson Siegel/New York Daily News/POOL50 Cent arrives in court on Tuesday.

Since the bankruptcy filing last week, 50 Cent has been vocal about trying to get out of paying Leviston.

"I need protection," 50 Cent explained while appearing on TBS' "Conan." "You get a bull's-eye painted on your back when you’re successful, and it’s public. You become the ideal person for lawsuits."

Read more: 50 Cent in court after bankruptcy, sex tape ruling - Business Insider

 

[Legman]

"i only make 10 cents a record" "i had to take two other rolls back to buy a new one" "im not as cool as i was last week"

the complaints of a man that has lived the life of a king that last 10, 15 years...bein worth 4.4 mil when you came from cereal bowls full of stale fruitloops and cockroaches isnt enough

i hope he gets ball cancer

 

[Spitz Unlimited]

if you think 50's not laying it on extra thick to get the maximum benefit from his Chapter 11 filing then you're just as gullible as the kids who think "rappers are ballin".

he's almost trolling the court: ""Now that I filed for bankruptcy, I’m not as cool as I was last week." LOL thats hilarious. he showed up to court wearing a g-shock and a "cheap" suit hahahahahaaha

 

[ELPOLLITO]

if you think 50's not laying it on extra thick to get the maximum benefit from his Chapter 11 filing then you're just as gullible as the kids who think "rappers are ballin".

he's almost trolling the court: ""Now that I filed for bankruptcy, I’m not as cool as I was last week." LOL thats hilarious. he showed up to court wearing a g-shock and a "cheap" suit hahahahahaaha

exactly

 

[ELPOLLITO]

"i only make 10 cents a record" "i had to take two other rolls back to buy a new one" "im not as cool as i was last week"

the complaints of a man that has lived the life of a king that last 10, 15 years...bein worth 4.4 mil when you came from cereal bowls full of stale fruitloops and cockroaches isnt enough

i hope he gets ball cancer

#whyhate

 

[saladbowlking]

I AM PRETTY SURE THIS FILING IS TO GET OUT OF PAYING THAT BITCH 5 MIL....

 

[Joey]

50 is ballin and yes he's trolling the courts...He filed bankruptcy to basically pay the woman less money...She does not get paid till the bankruptcy is over...He wants to force her hand to settle out of court for less money...He is no fool...Chess not checkers

 

[Fucky McFuckerson]

Unless he has millions of dollars stashed away in 1000's of Nike boxes, his revenue and worth is at full exposure for IRS purposes. That, or he isnt paying taxes. Either way, he aint worth as much as you want him to be worth.

Also, if he is lyin to the court, you can bet that will go over well.

 

[Legman]

Unless he has millions of dollars stashed away in 1000's of Nike boxes, his revenue and worth is at full exposure for IRS purposes. That, or he isnt paying taxes. Either way, he aint worth as much as you want him to be worth.

Also, if he is lyin to the court, you can bet that will go over well.

#Exactly

 

[LiterACola]

Only being worth 4.4 million is not ballon

 

[Fucky McFuckerson]

Only being worth 4.4 million is not ballon

Would you say instead...he is balloff then?

 

[RAVAGE]

 

[LISICKI]

Also, if he is lyin to the court, you can bet that will go over well.

police lie to the court all the time and it goes over just fine


be interesting to see how this shit plays out though

 

[ThizzIzWatItWaz]

He filed for Chapter 11. This is not the same type of bankruptcy your broke uncles have had to file.

He's saying his liquid cash is 4.4mil, therefore he cannot pay the lady 5 (she is also requesting like 15 mil or so in punitive damages). The rest of his many many millions are tied up in companies that he owns or partially owns, stocks, bonds, trusts etc... This is all a strategic move on his part in hopes of reducing the amount of money he is going to have to pay.

His court case is against 50 cent the PERSON, not 50 cent the ENTERPRISE. Businesses and people are viewed separately in the courts.

He is gaming the system, and doing a good ass job of it. Props 50

 

[lungsfull]

He filed for Chapter 11. This is not the same type of bankruptcy your broke uncles have had to file.

He's saying his liquid cash is 4.4mil, therefore he cannot pay the lady 5 (she is also requesting like 15 mil or so in punitive damages). The rest of his many many millions are tied up in companies that he owns or partially owns, stocks, bonds, trusts etc... This is all a strategic move on his part in hopes of reducing the amount of money he is going to have to pay.

His court case is against 50 cent the PERSON, not 50 cent the ENTERPRISE. Businesses and people are viewed separately in the courts.

He is gaming the system, and doing a good ass job of it. Props 50

yep

50 isnt broke he has no plans on paying this lady and thats it.

here is the top comment from that same article posted to Reddit pretty much sums it up.

Fuck it. I wasn't going to say anything, but the consistency of misinformation here is too damn high! To 95% of you, just get up and click on even a wiki about equity, information asymmetry and the principal agent problem. Anyone claiming that these baiting articles and headlines provide hard evidence that 50 is just as broke as the rest of us, is a lunatic.
So, 50 cent is not broke; his equity is great, he just doesn't have the liquid assets to pay the court ordered damages following a couple of lawsuits. Which is precisely why he doesn't liquidate his assets and throw around his money. If he had super watery capital creditors could liquidate his assets easily if he did not have enough to cover the damages. So this strategy not only protects him, but also gives a wide range of freedom; in the case that he is sued and is ordered to pay damages, he can say 'oh I don't have enough', then file for bankruptcy, which works hugely in his favor because then he can negotiate to pay way less than ordered originally . He's got securities and mutual funds and blah blah blah. Furthermore, fiddy is not only a businessman, but he is a business owner. So, if he has these companies worth ten, twenty fold what he owes in damages (which he does), even if the damages exceeded his liquid assets (which they do), and he like liquidated an entire company (which he will not do, because there's no point at all), because the business and owners are discrete entities, the shared capital is a liability against the owners investments. So although for many of his business he isn't the sole owner, he is still an owner. So even after liquidating a company to pay like 5 million he would still end up with five or ten times that much in liquid assets which could then be taxed etc... So when he says 'restructuring', it's not like he's listing a house without walls or a roof, rotten and broken. He's just fucking throwin' some marble and granite and gold in that bitch. Financial restructuring is incredibly complicated. For many reasons. But it is absolutely necessary in this case.
Fiddy cent has damages exceeding his LIQUID assets. Instead of liquidating his tangible assets 'cars, home, 'chains', or liquidating his intangible assets, he applied for a form of bankruptcy which allows him the time to restructure his finances that not only prevents supplementary losses, but actually reduces the amount owed in damages.
Hence stating 'I take the jewelry and cars back to the store'... And hence him actually fucking taking that shit back to the store. This whole ordeal, when it's over, will serve only to prove how clever this man is. The Post, Time and Business Insider, as well as obviously financially brilliant redditors, will do a full 180 and sing his praises. As they should.
A part of this decision to file for type 11 is industry stuff. Once this thing closes a lot of details previously unknown to the public will come into the fold.
tl;dr: fifty doesn't wanna pay you shit. He really is fucking as rich as everyone says. His SMS audio company was not a flop compared to Dre. He owns the manufacturing operations of Disney related merchandise through SMS that make Elsa earbuds and Anna microphones.

 

[ALL BOUT CHICKEN]

E-40 is really big ballin with his homies...

 

[28g w/o the bag]

if you think 50's not laying it on extra thick to get the maximum benefit from his Chapter 11 filing then you're just as gullible as the kids who think "rappers are ballin".

he's almost trolling the court: ""Now that I filed for bankruptcy, I’m not as cool as I was last week." LOL thats hilarious. he showed up to court wearing a g-shock and a "cheap" suit hahahahahaaha

basically

but of course, he might go to jail for perjury doe

::

 

[gimmefreemusic]

Lol at people thinkin 50 cent broke

 

[Magick Wisdom]

I knew he was lying. he doesn't even rap. He makes all his money from his website.
This is 50 or whatever.

Also "I make 10 cents a record."
allow me to laugh ha ha ha haaaaaaa haaaaaaaaaaaaaaaaa !!!

Oh yeah and e 40 has more money BIATCH
cause he can sell rocks to a cliff
and oil to a whale. 50 wish he has that kind of hustle

 

[2-0-Sixx]

yep

50 isnt broke he has no plans on paying this lady and thats it.

here is the top comment from that same article posted to Reddit pretty much sums it up.

Fuck it. I wasn't going to say anything, but the consistency of misinformation here is too damn high! To 95% of you, just get up and click on even a wiki about equity, information asymmetry and the principal agent problem. Anyone claiming that these baiting articles and headlines provide hard evidence that 50 is just as broke as the rest of us, is a lunatic.
So, 50 cent is not broke; his equity is great, he just doesn't have the liquid assets to pay the court ordered damages following a couple of lawsuits. Which is precisely why he doesn't liquidate his assets and throw around his money. If he had super watery capital creditors could liquidate his assets easily if he did not have enough to cover the damages. So this strategy not only protects him, but also gives a wide range of freedom; in the case that he is sued and is ordered to pay damages, he can say 'oh I don't have enough', then file for bankruptcy, which works hugely in his favor because then he can negotiate to pay way less than ordered originally . He's got securities and mutual funds and blah blah blah. Furthermore, fiddy is not only a businessman, but he is a business owner. So, if he has these companies worth ten, twenty fold what he owes in damages (which he does), even if the damages exceeded his liquid assets (which they do), and he like liquidated an entire company (which he will not do, because there's no point at all), because the business and owners are discrete entities, the shared capital is a liability against the owners investments. So although for many of his business he isn't the sole owner, he is still an owner. So even after liquidating a company to pay like 5 million he would still end up with five or ten times that much in liquid assets which could then be taxed etc... So when he says 'restructuring', it's not like he's listing a house without walls or a roof, rotten and broken. He's just fucking throwin' some marble and granite and gold in that bitch. Financial restructuring is incredibly complicated. For many reasons. But it is absolutely necessary in this case.
Fiddy cent has damages exceeding his LIQUID assets. Instead of liquidating his tangible assets 'cars, home, 'chains', or liquidating his intangible assets, he applied for a form of bankruptcy which allows him the time to restructure his finances that not only prevents supplementary losses, but actually reduces the amount owed in damages.
Hence stating 'I take the jewelry and cars back to the store'... And hence him actually fucking taking that shit back to the store. This whole ordeal, when it's over, will serve only to prove how clever this man is. The Post, Time and Business Insider, as well as obviously financially brilliant redditors, will do a full 180 and sing his praises. As they should.
A part of this decision to file for type 11 is industry stuff. Once this thing closes a lot of details previously unknown to the public will come into the fold.
tl;dr: fifty doesn't wanna pay you shit. He really is fucking as rich as everyone says. His SMS audio company was not a flop compared to Dre. He owns the manufacturing operations of Disney related merchandise through SMS that make Elsa earbuds and Anna microphones.

I came here just to post this but u beat me to it.

Not that I give a fuck, and I've never been a fan of 50 cent, but he is still rich as fuck. The above post explains what needs to be said.

As far as renting Bentley's and whatnot, that's actually the smart thing to do and what most rich people, who intend on staying rich, do. Why spend $350,000 on something that depreciates in value? It's idiotic. It's what dumb ass sports players do who go broke. Rich people don't go around buying dozens of Bentley's just for the fuck of it when you can simply rent it for a fraction of the cost and not be stuck with vehicles worth shit a few years down the road. Jewelry is different but again, no one needs to spend half a mil on a chain when you don't have to.