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50 Cent testifies his lifestyle is an illusion.
- Thread starter entremet
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You mean Kid Cudi? He's not making Man on the Moon 3 like he should be.
ZackieChan
Member
Apparently you can. I think you need to have at least $1 million in unsecured debt, and maybe some other qualifications. Also, it's a restructuring, not a discharge. So he'll still be paying at least a portion of it.
gamechanger87
Member
Have you read any of this thread? He has the money, just not personally. Its locked away in LLCs/Living Trusts thus untouchable by the courts. He "personally" doesn't have the cash on hand, but its his.
You keep your personal wealth under your name low, but remain the sole beneficiary of a living trust. The trust can buy things for you, but the court can't touch them.
This is how you protect your wealth. You lock it away otherwise you are just waiting for lawsuits.
He is filing a CH11 which will allow him to reduce the damages to a much lower level and he will pay a portion of this amount, but his wealth will remain.
War Peaceman
You're a big guy.
"Yo Fiddy hit that ramp," Lloyd Banks hollered, "but be careful not to cause any damage that is not covered by the insurance."
SomedayTheFire
Member
Some creative accounting here. If his bank account is down to 4.4, I wouldn't be surprised if he has a huge amount of money in investments, or funds.
How much are you worth bruh ?
LiveFromKyoto
Member
It's not impossible that he spent it all, or at least a lot of it. The overwhelming majority of NBA players go broke inside like 7 years. Nicholas Cage, Mike Tyson, all kinds of athletes and actors blow through tens of millions because it just seems bottomless when the number are so big. They're as shocked as everyone else when it runs out. Property taxes, dumb stuff like flying cars around, jewellery impulse purchases, expensive club tabs for your entourage 3-4 nights a week, the wrong kind of women, money can evaporate really quickly, and a lot of these guys are in a position socially where they feel like they can't stop spending.
Are you Mitt Romney?
Are you Mitt Romney?
Probably?
Enter The 36 Chambers
Member
This. He's a very smart dude. He has his hand in a lot of different businesses.
Doesn't he own the manufacturing rights to all Disney toys that use audio components? Or the company that does? Or something like that..
entremet
Member
Two technically. I think he paid the other one out. 17 million to a headphone company.
RedAssedApe
Banned
he's clearly a sharp guy. people, especially rich ones do this all the time to game the system
gamechanger87
Member
It's not perjury if it's true. He personally doesn't have the money as its tied up in a trust/LLC and thus isn't part of his personal assets. He is the beneficiary of those entities and get use them as he pleases but the court can't touch them.
When you get money, you put it in secure places. Limit exposure. He personally doesn't have the money, thus he's not lying. Thems the rules.
entremet
Member
Basically.
Who makes the laws? Rich people.
It's why Buffett made that video years ago showing that his secretary pays more taxes proportionally than him due to his wealth being tied up on investment compared to income, which is heavily taxed.
To Far Away Times
Member
There's no way he doesn't have money. As popular as he is, he could do a tour and pull in probably close to $1M per show. (Or at the very least, high 100,000's)
And there would be demand, he could sell out stadiums.
He probably tied up most of his money in trusts and the like but I doubt he doesn't have enough liquid assets.
And there would be demand, he could sell out stadiums.
He probably tied up most of his money in trusts and the like but I doubt he doesn't have enough liquid assets.
forgot about the headphone thing, but he better pay that woman her money
Coriolanus
Banned
Or what? There'll be blood in the sand?
He could start one tomorrow and do 50-100 shows around the world. Easily.
lol
dripdripsplash
Member
I have a slight suspicion that he is lying and he just don't want to pay those money.
Pinko Marx
Banned
I can't remember the last time he even made a record.
entremet
Member
His last record barely broke 150k.
Everyone pirates or streams these days, so I'm not sure that's a terrible thing.
RedAssedApe
Banned
But yeah. Let's not kid ourselves. He's not bankrupt.bodyboarder
Member
This is why you hire the best accountants/lawyers you can afford.
Byakuya769
Member
Owes $5 million, only worth $4.4...
A likely story.
A likely story.
How long you waited to use that? Lol
Some people seem to think he is some sort of financial mastermind...
I'm sure the truth is somewhere in between. Yes I am sure he is trying to minimize exposure to lawsuits, and yes a lot of his projected wealth is BS.
Mix Master
Member
Trump level trolling
Why would he need to be?
Lord Error
Insane For Sony
lol, how much more obvious could have he made it. Surprised he didn't say he was worth 4.9M
aliencowz7
Member
Didn't 50 recently go on Conan and straight up admit that the bankruptcy thing was just a way to protect himself from lawsuits, dude was playing it up like it was all a joke.
IDK people seem to think he is some kind of genius.
Seems to have gotten lucky with vitamin water then blown that money into other so far unsuccessful startups.
Pinko Marx
Banned
Its not that he is some financial genius. He doesn't have to be. It doesn't take a genius to know how to handle your finances as long as you do hire geniuses to do these things.
Besides all that history shows that Fiddy is resourceful. Dude is Executive Producer of a hit TV series. He isn't broke.
pure happenstance
nature boy
Member
Really hope the court fines or sends him to jail on a technicality because this is so obviously a farce and insulting.
He's doing what all white collar rich guys do when they are hit with those kinda lawsuits
He says his companies are worth a lot but he doesnt have that money, which is prob his out, since the money does go to the business and not his bank account
entremet
Member
It's just that the system allows rich people to do this. They make the laws so it works in their favor.
Mass_Pincup
Banned
Or maybe he has accountant and lawyer who deals with that kind of things.
Rest
All these years later I still chuckle at what a fucking moron that guy is.
You'd be better off renting movie money if you're in the US. The Federal Government requires special permits to photograph money, and if you do so without getting those permits you're subject to fines. Hollywood money looks almost like the real thing, but it is probably more expensive to rent, and is certainly more expensive to buy.
Accountants and lawyers have never lost anyones fortune now?
I mean I'm sure the dude will be fine, but is not really unheard of to blow 100 million in 8 years.
The thing is you have to remember is no one knows how much money he actually made from vitamin water, all of the estimates of net worth are guesses.
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