Nearly a year after he filed for Chapter 11 Bankruptcy, rapper 50 Cent is now a free man.
According to Billboard, the rapper whose real name is Curtis Jackson spent the best part of yesterday; his 41st birthday – in a Conneticut bankruptcy court to ‘determine whether or not his creditors would accept a plan to reorganize his finances to repay some $28 million in debt.’
And he got lucky.
Here’s what Billboard said:
“Under the terms of the plan, approved at today’s hearing, the rapper would pay $23.4 million over the course of five years, equivalent to between 74 percent and 92 percent of the amount of the various claims against him.
According to court documents filed yesterday in Connecticut, he owes money to Sleek Audio, SunTrust Bank and Lastonia Leviston, who successfully sued 50 for posting a s.ex tape that she had made with her boyfriend to his website as part of his feud with Rick Ross (Leviston and Ross have a child together). The documents note that if his estate were to be liquidated, creditors would have only received between 46 percent and 57 percent of their claims, and that 99.5 percent of parties have approved the plan.
To make it work, 50 has agreed to an initial cash layout of $7.4 million and an annual payment of $2 million over the next five years. As for the additional $6 million, his lawyer indicated it “could be funded largely, if not entirely, from the sale of [his] Connecticut property. Otherwise, the Additional Cash Contribution will be funded by the Debtor’s business activities and related business entities.”