Support NeoGAF

[entremet]

http://finance.yahoo.com/news/50-cent-testifies-lifestyle-just-210440846.html

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, Jasckon said, "I make 10 cents a record."

What the heck happened to his money?!

Vanilla Ice is worth more than 50 Cent. 4.4 million versus 16 million.

 

[Az]

He's worth more than that.

 

[jaypah]

Lol 50 is hilarious. There's no way dude is down to 4.4 mil.

 

[truly101]

I don't know fiddy's financial situation but I'd be wary taking anything he says on it at face value since we're talking bankruptcy and a lawsuit. Bankruptcy filings aren't always about being flat broke.

 

[Alcoholikaust]

 

[ElTorro]

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.

 

[EloquentM]

Lol 50 is hilarious. There's no way dude is down to 4.4 mil.

150+ mil for years then when he start owing money it magically turns to 4.4 mil lmao. 50 is a clown.

 

[Guevara]

I'm guessing everything is offshore and/or tied up.

 

[easterislandhead]

I don't know what he's doing. But I know that he does.

 

[entremet]

He's worth more than that.

The court can subpoena his financial records, unless he hiding money overseas.

I don't know fiddy's financial situation but I'd be wary taking anything he says on it at face value since we're talking bankruptcy and a lawsuit. Bankruptcy filings aren't always about being flat broke.

A 4.4 million net worth is decent if you're middle class.

It's just that he once was worth 162. Dude is a fool with money.

 

[DeathyBoy]

 

[jaypah]

150+ mil for years then when he start owing money it magically turns to 4.4 mil lmao. 50 is a clown.

Word, lol! He's not even really hiding what he's trying to do either, he joking about it and shit. Dude is entertaining AF.

 

[super-famicom]

I'm guessing everything is offshore and/or tied up.

He put it all into a crystal skull.

 

[Crimsonclaw111]

At this rate he'll live up to his stage name.

 

[depths20XX]

Lol what kind of trick is he trying to pull here?

Yeah 50, we know the bitch took your skull but it wasn't worth that much.

 

[friskykillface]

there was a pic of 50 entering the court house showing he was wearing an expensive watch

haha 50 the god B^)

 

[NoctisVsStar]

50 trolling hard damn.

 

[whatsinaname]

He filed chapter 11 and not chapter 7 right? My speculation would be that he is just trying to restructure some of his debt (I am assuming the 5 mill payout falls under that) to try settle for a fraction of money owed.

 

[BadAss2961]

He's being sued and claiming bankruptcy right? He's playing games.

 

[3Sixty]

OK Mr Jackson we accept your bankruptcy agreement.

 

[Nafai1123]

I'm sure that other 146 million was taken by those Swiss bank sneak fucks.

 

[entremet]

He filed chapter 11 and not chapter 7 right? My speculation would be that he is just trying to restructure some of his debt (I am assuming the 5 mill payout falls under that) to try settle for a fraction of money owed.

He's not flat out broke, but I'm just shocked at the net worth dropped so quickly.

Again, he could be hiding his money, but the court should have power to access his US accounts.

 

[WickedLaharl]

You mean there isn't any blood on the sand?

 

[Amory]

50 seems like a pretty smart guy. I'd be very surprised if he's down to 4 million dollars.

 

[Frank Serpico]

For people saying he's trolling and lying, you guys do realize there will be a team of accountants fact checking everything he says under oath

 

[darkwing-buck]

Maneuvers.

 

[Grakl]

Are those arms/hands shopped? They look pretty shopped on, lmao. Why would someone do that?

 

[Arkeband]

We need Lil' B's thoughts on this.

 

[Jarmel]

He cleared $100 million off the Vitamin Water stuff alone. So unless he had the most insane parties known to man, I imagine most of this is overseas.

 

[Messypandas]

For people saying he's trolling and lying, you guys do realize there will be a team of accountants fact checking everything he says under oath

This is what i'm wondering, isn't perjury pretty serious business. This seems a step further than just creative accounting.

 

[BennyBlanco]

https://www.youtube.com/watch?v=bFLow5StvvU

50 admitting to be a window shopper under oath. Sad.

 

[capitalCORN]

I can't even imagine making $150m disappear without literally burying it in a concrete coffin.

 

[TheGreatDirector]

You can't recover from this.

 

[whatsinaname]

He's not flat out broke, but I'm just shocked at the net worth dropped so quickly.

Again, he could be hiding his money, but the court should have power to access his US accounts.

There is no "hiding money". While filing under Chapter 11, his assets are protected, as well as any companies he owns/partly owns. Chapter 11 is filed by companies and not individuals.

Chapter 11 is typically used to reorganize a business, which may be a corporation, sole proprietorship, or partnership. A corporation exists separate and apart from its owners, the stockholders. The chapter 11 bankruptcy case of a corporation (corporation as debtor) does not put the personal assets of the stockholders at risk other than the value of their investment in the company's stock. A sole proprietorship (owner as debtor), on the other hand, does not have an identity separate and distinct from its owner(s). Accordingly, a bankruptcy case involving a sole proprietorship includes both the business and personal assets of the owners-debtors. Like a corporation, a partnership exists separate and apart from its partners. In a partnership bankruptcy case (partnership as debtor), however, the partners' personal assets may, in some cases, be used to pay creditors in the bankruptcy case or the partners, themselves, may be forced to file for bankruptcy protection.

 

[entremet]

There is no "hiding money". While filing under Chapter 11, his assets are protected, as well as any companies he owns/partly owns. Chapter 11 is filed by companies and not individuals.

So 150 million dollars disappeared in a decade?

Dude claims his net worth is 4.4 million from an estimated high of 160 million.

 

[phaonaut]

10 cents a record...Seriously?

 

[Frank Serpico]

This is what i'm wondering, isn't perjury pretty serious business. This seems a step further than just creative accounting.

He's on Instagram posing with car trunks of money, now he's saying all his cars and jewels are rented.

His wealth was an image and now it's finally caught up to him

 

[kabel]

10 cents a record...Seriously?

You expected 50, didn't you?

 

[Dude Abides]

There is no "hiding money". While filing under Chapter 11, his assets are protected, as well as any companies he owns/partly owns. Chapter 11 is filed by companies and not individuals.

Individuals can also file Ch. 11, which is what he did. An individual would file for 11 rather than 7 if their finances are complicated.

 

[King Tubby]

What could he possibly have spent his money on? Did he bet millions against Floyd Mayweather? Dude is full of shit.

 

[Corpekata]

So 150 million dollars disappeared in a decade?

Dude claims his net worth is 4.4 million from an estimated high of 160 million.

No, that other 150 is just invested in non-liquid stuff. He has 4.5 million in his bank account but he owns part of several businesses that, if he sold the shares to, would make it clear he is worth far more than he is claiming right now. But the way he has filed protects his investments.

 

[-Plasma Reus-]

Window Shopper.

 

[Messypandas]

He's on Instagram posing with car trunks of money, now he's saying all his cars and jewels are rented.

His wealth was an image and now it's finally caught up to him

Can I rent a million dollars for a day. Like, do my youtube video making a fort and sitting in a bath with the stacks, upload it and then return the money at the end of the day?

 

[TheContact]

http://finance.yahoo.com/news/50-cent-testifies-lifestyle-just-210440846.html





What the heck happened to his money?!

Vanilla Ice is worth more than 50 Cent. 4.4 million versus 16 million.

It's very easy to spend money. Much harder to earn it.

 

[mangochutney]

I can't even imagine making $150m disappear without literally burying it in a concrete coffin.

Easy. Never have it in the first place.

Put it all in someone else's name.

It's your name on the door, your name associated with the bling, your name that's a target to law suits, but you ain't cashing no cheques.

 

[Frank Serpico]

Can I rent a million dollars for a day. Like, do my youtube video making a fort and sitting in a bath with the stacks, upload it and then return the money at the end of the day?

Do you have the same connections as him? Did he do all that in day?

 

[whatsinaname]

So 150 million dollars disappeared in a decade?

Dude claims his net worth is 4.4 million from an estimated high of 160 million.

If he is really claiming his net worth is $4.4 million, I will have to agree and say that sounds like bullshit. If he is claiming his liquid assets are $4.4 million and that his debts are higher than that, I can see what he is doing.

Individuals can also file Ch. 11, which is what he did.

That is odd. I was under the impression that only businesses can file Chapter 11?

 

[entremet]

No, that other 150 is just invested in non-liquid stuff. He has 4.5 million in his bank account but he owns part of several businesses that, if he sold the shares to, would make it clear he is worth far more than he is claiming right now. But the way he has filed protects his investments.

Ah that makes sense.

If he is really claiming his net worth is $4.4 million, I will have to agree and say that sounds like bullshit. If he is claiming his liquid assets area $4.4 million and that his debts are higher than that, I can see what he is doing.



That is odd. I was under the impression that only corporations can file Chapter 11?

His lawyer said net worth specifically.

That's why it's fishy to me.

 

[ViewtifulJC]

did he really get shot 9 times or nah

 

[Guevara]

"No, your honor. I don't have any money at all.

Now, the Curtis J. Jackson III Charitable Trust and Foundation however...."