50 cent finally has a plan to resolve his money issues

50 Cent finally has a plan to resolve
his money issues
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Hartford - A federal bankruptcy court judge
in Connecticut on Wednesday approved a
plan for 50 Cent to reorganise his finances
and pay back creditors.
The rapper who burst onto the music scene
in 2003 with his debut album, Get Rich or
Die Tryin, filed for bankruptcy a year ago,
citing debts of $36m and assets of less than
$20m.
The rapper will make a $7.4m payment to
begin the bankruptcy plan approved on
Wednesday, The Hartford Courant reports.
The rapper, whose real name is Curtis James
Jackson III, owns a mansion in Farmington.
Under the plan approved by the judge,
creditors holding unsecured claims will
receive 74 to 92 percent of the money they
are owed, depending on how quickly 50
Cent makes the payments.
US Bankruptcy Judge Ann Nevins noted that
50 Cent "has a significant ability to generate
income".
His bankruptcy filing in July 2015 came days
after losing an invasion-of-privacy lawsuit
filed by a woman who said he acquired a
video she made with her boyfriend, added
himself as a crude commentator and posted
it online without her permission. A jury
awarded $7m to the woman, Lastonia
Leviston.
As part of the plan, Leviston agreed to take
$6m.
50 Cent took the stand on Wednesday and
the judge asked if he understood provisions
of the plan, including a requirement to pay
the $6m to Leviston, even if he seeks
bankruptcy protection again.
"That's not gonna happen," 50 Cent said.
Jackson is an admitted former crack dealer
who has built an empire beyond
entertainment. He invested early in Vitamin
Water and has expanded his business
interests into clothing and audio equipment.
Now 41, he has gone on to become an actor
whose credits include the Starz network
action series Power. He also was named by
Forbes last year as one of hip-hop's five
wealthiest artists for 2015.
He bought his 17-acre home in Connecticut
from boxer Mike Tyson in 2003 for $4.1m.
The house, which is now up for sale,
includes 19 bedrooms, more than two dozen
bathrooms, a gym, billiard rooms,
racquetball courts and a disco.