Rapper 50 Cent has filed for Chapter 11
bankruptcy protection, according to reports
in the US.
The music star, businessman and actor, reported
in court papers that he has assets and debts in
the range of $10m to $50m (£6.5m- £32m),
according to the Wall Street Journal.
The filing comes days after a jury ruled that he
must pay $5m to a woman suing over a sex tape
case.
50 Cent's 2003 album Get Rich or Die Tryin'
catapulted him to global fame.
Real name Curtis James Jackson III, the Grammy-
award winning rapper's business interests have
included clothes, boxing, drinks, and mining.
His stake in VitaminWater reportedly netted him
tens of millions of dollar when Coca-Cola bought
the drinks brand in 2007.
Chapter 11 allows companies time to re-organise
their finances while protecting them from
creditors' demands.
The court case stemmed from a video in which
the rapper is accused of adding a commentary to
a tape that the woman made with her boyfriend.
The tape was then leaked online.
In addition to the $5m penalty, the jury was due
this week to consider punitive damages in the
invasion-of-privacy lawsuit. However, it was
unclear if this would go ahead.
Manhattan Supreme Court Justice Paul Wooten
had requested that 50 Cent disclose details of his
finances.
'Business as usual'
However, the rapper's lawyers told the court that
he had filed for Chapter 11 in Connecticut, where
he owns a mansion he bought from boxer Mike
Tyson.
Later, a lawyer for 50 Cent (Mr Jackson), William
A Brewer III, said his client's business operations
would continue.
"Mr Jackson's business interests will continue
unaffected in the ordinary course during the
pendency of the Chapter 11 case,'' the attorney
said in a statement.
It added: "This filing for personal bankruptcy
protection permits Mr Jackson to continue his
involvement with various business interests and
continue his work as an entertainer."
50 Cent, aged 40, has sold more than 30 million
albums and won a Grammy Award in 2010. The
star's latest film role is in the upcoming
"Southpaw," in which he plays a boxing
promoter.
In May, Forbes estimated 50 Cent's net worth
at $155m.
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