Yesterday (July 14), 50 Cent filed for Chapter 11 bankruptcy after a jury determined that he owed a woman $5 million in sex tape scandal.
While some view bankruptcy as a public declaration of financial bust, 50 sets the record straight.
Speaking about his business move, 50 states that he is simply making the moves any good businessman would. Check out his statement below:
“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.”
Providing further transparency into bankruptcy is William A. Brewer III, partner at Brew, Attorney & Counselors and part of 50’s counsel who issued a statement to Billboard:
“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.”
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