Impatient for their money, Lastonia Leviston (the ex-girlfriend of Rick Ross) who won $7 million from 50 Cent in a sex-tape dispute and Sleek Audio have teamed up to take his personal bankruptcy into their own hands.
In court papers filed Jan 14, the unpaid groups asked a bankruptcy judge to put a Connecticut lawyer named Richard M. Coan in charge of the 40-year-old entertainer’s business affairs, giving him the power to pay off the debts over the next five years.
With the title of trustee, Mr. Coan would sell off property owned by 50 Cent and oversee his recording contracts, endorsement deals and other pursuits, according to documents filed in U.S. Bankruptcy Court in Hartford, Conn.
50 filed for chapter 11 protection on July 13, shortly before jurors were scheduled to determine whether he should pay additional damages in the sex-tape lawsuit filed in 2010 by Lastonia.
The verdict in the sex-tape lawsuit, which accused 50 of posting the video on his website in 2009 as part of a “rap war” between himself and Rozay, came as 50 lost a dispute over a broken business deal to develop headphones. 50 owes $18 million in that dispute, according to court papers.
In that business venture, an entity called Sleek Audio LLC made a deal with G-Unit Brands, 50’s licensing company, to allow Sleek to use Mr. Jackson’s trademarks. The deal fell apart when “Sleek failed to have the headphones ready for commercial production by the February 15, 2011, deadline,” 50’s bankruptcy lawyers said. Sleek Audio’s lawyers later filed an arbitration proceeding against 50 accusing him of stealing the design of the “Sleek by 50” headphones.
Judge Ann Nevins agreed to look over the proposal at a Feb. 18 hearing.
In the proposal, lawyers for Lastonia and Sleek Audio noted that 50 has been posting photos of himself on Instagram with stacks of cash and boasting about property purchases—none of which appear to be assets reflected in court papers.
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