50 Cent's Spending Habits Revealed In Bankruptcy Papers, $30M In Debt

[Lifer11]

What

The businesses I listed are the ones he "owns"

G unit records is his company

SMS Promotions is his company

SMS audio is his company

The article you posted has some stuff about what forbes said he made...that has been proving to be false...

The article you posted has some stuff about him making 100 million on vitamin water...that has been proving to be false...

There is no master plan...there is no grand disguise...50 cent is filing for bankruptcy because he made some bad business investments and bad decisions in general and now those decisions have put him in a spot to have to pay money that he doesn't have...due to none of his companies making any money...and every other way he generates income not bringing in enough money to pay the people and company that sued him...

How is somebody making a 26 million dollar loan to a company "washing money"?

Cause it was personal money, supposedly from a guy who's broke, giving the money to a corporation owned by him. To keep the company afloat but to also transfer it from Curtis Jackson to the corporation. Now Curtis Jackson doesn't have that money, he can't pay taxes on it, or use it to pay lawsuits. The IRS, or the courts, can no longer make any run at that $26 million. Plus corporations pay a lower tax rate, so that's another way he was "washing" that money.

When I'm talking about corporations I'm talking about dummy corporations that money would be hid in. Of which he had several.

Also an asset doesn't have to generate revenue. A piece of fine art, or precious metals are assets. They would hopefully appreciate in value but they don't generate revenue.


I'm sure you thought Rocawear was Jay's company too. Or Armadale.

 

[SoulController]

ppl flat out in denial that son is broke

his debt far exceeds his assets, and his income right now is minimal for someone with that kind of debt. aint no damn offshore accounts hes hemmoraging money like crazy. this will only get worse

 

[duckbutta]

Cause it was personal money, supposedly from a guy who's broke, giving the money to a corporation owned by him. To keep the company afloat but to also transfer it from Curtis Jackson to the corporation. Now Curtis Jackson doesn't have that money, he can't pay taxes on it, or use it to pay lawsuits.

When I'm talking about corporations I'm talking about dummy corporations that money would be hid in. Of which he had several.

Also an asset doesn't have to generate revenue. A piece of fine art, or precious metals are assets. They would hopefully appreciate in value but they don't generate revenue.


I'm sure you thought Rocawear was Jay's company too. Or Armadale.

But he does have to pay taxes on it ...per the tax guide lines of loaning personal money to a business you own...

An asset does not generate revenue...but I am going to call BS on a guy who has failed in virtually every business venture he has ever had, who can't even sell his own house, and who had to get on the stand and admit that all his flashy stuff is rented...having 50 million dollars worth of assets...

You telling me that I thought Jay owned a company he didn't own but you just got through telling me that 50 cent didn't own companies he does own

50 is that you? You post on the coli ?

 

[Suleiman Bey]

You are so stupid. He can pay his debt he just doesn't want to. How hard is that to understand? I have a lot of money and I refuse to pay people I don't feel like I owe. When you actually start paying people that you don't agree you owe then othershe will bleed your pockets. I'm mind blown at how stupid people can be

How can they bleed you dry if you have it? They can only take what you owe. Dumbass!

 

[Suleiman Bey]

That's not what it means at all man. The article even flat out said the opposite of that.

No offense breh but you're looking at it from the point of view of a 9-5 worker. Like, if you can't pay your phone bill....yeah, you're broke. Once you get into millions of dollars it gets a lot more complicated than that, and there's a ton of loop holes for rich folks.

There is never going to be a rational, logical 50 Cent thread because his actions when he was on top have turned basically everyone against him. It is what it is.

Fred.

It is what it means, you can't just redefine words to suit your bullshyt agenda

Definition of INSOLVENT

1. 1 a : unable to pay debts as they fall due in the usual course of businessb : having liabilities in excess of a reasonable market value of assets held
2. 2 : insufficient to pay all debts
   

in·sol·vent
inˈsälvənt/bankrupt, ruined, wiped out, in receivership;More
penniless, poor, impoverished, impecunious, destitute, without a penny (to one's name), in debt, in arrears, overleveraged;
informalbust, (flat) broke, belly up, in the red, hard up, strapped (for cash), cleaned out;
formalpenurious
"even his family never suspected that he was insolvent"

• relating to insolvency.
  "insolvent liquidation"

noun
noun: insolvent; plural noun: insolvents
1.
an insolvent person.


insolvent
[in-sol-vuh nt] /ɪnˈsɒl vənt/

• Synonyms
• Examples
• Word Origin

adjective
1.
not solvent; unable to satisfy creditors or discharge liabilities, either because liabilities exceed assets or because of inability to pay debts as they mature.
2.
pertaining to bankrupt persons or bankruptcy.
noun
3.
a person who is insolvent.
Origin of insolvent
1585-1595
1585-95; in-3+ solvent
Synonyms
1. penniless, destitute, impoverished, bankrupt.


But for 50 Cent it means, he's super smart, FOH!.

 

[itsyoung!!]

not sure if i seen anyone post more bull shyt in a thread before than this @Lifer11 kid

just one dumb post after another, for pages..

 

[The Bilingual Gringo]

Didn't Young Buck have an estate sale to settle off bankruptcy? Would be interesting to see if if something happened to 50, not that I wish anything bad upon anyone. I know there's different levels of bankruptcy too.

 

[AlwaysLurkin]

Im confused why people comparing him to donald trump,one earns over 200 mill per year the other brings in 900k per year

 

[hex]

you know he suing his old lawyers because he was getting juug'd for his cash right

he try to sue ross but failed the 1st time now suing him again homie is desperate

I know all that but that has nothing to do with ol boy talking about "he can't pay his bills = he's broke". Especially when an article is saying the exact opposite of that, in graphic detail.

But like I said, people are going to throw logic out the window because 50 more or less made people hate him. It is what it is.

Fred.

 

[BarackStar]

50 hid 50 million in 2 loans to his own companies right before claiming bankruptcy. He got rid of his liquid and filed personal bankruptcy because they will not be able to touch his companies money (ie the 50mill he just put there and whatever else they already had). That's just what's become public information, assuredly there's more going on wit hiding money and rearranging assets behind the scenes....he has arguably THE best attorney team in America and they specialize in these corporation games. Clearly this not about basic common sense as its blatantly obvious he playing rich people games with money, the baby moms and her lawyers say as much, this thread just about broke nikkas that hate 50 talking about what they don't know about.
Again what is going to happen is he will stall this until she can't pay her attorneys and she'll settle for a fraction of that 7mill. Half the point of corporations, "charities", overseas accounts Is for the 1% to hide money from taxes and lawsuits. That's all this is.

 

[TLR Is Mental Poison]

In his book "The 50th Law" he basically admitted to that. I think it was a great career move myself. What's a 50 cent album without beef?

A high selling one

I always say it. If 50 had worked with everyone he beefed with him, G-Unit and NY rap in general would be in a COMPLETELY different place today.

 

[Family Lives Matter]

The one true king

 

[G.O.A.T Squad Spokesman]

A high selling one

I always say it. If 50 had worked with everyone he beefed with him, G-Unit and NY rap in general would be in a COMPLETELY different place today.

I disagree. None of those dude was in a place to help his career at that point. He got more from dissing them than by collaborating with them. It added more to his "I don't give a fukk" image that helped him sell so many records. Them nikkas would've eventually took shots at him like they did Jay anyway.

 

[WuDatWuDat]

A high selling one

I always say it. If 50 had worked with everyone he beefed with him, G-Unit and NY rap in general would be in a COMPLETELY different place today.

50 has always marketed himself with beef.

"The business is entertainment, and what entertains the customers is the sight of blood"

He's been about that since How to Rob and the Power of the Dollar.

It worked for him. After GRoDT he should have cut that off and worked with all the big names, but that was all he knew.

 

[1thouwow]

lol I love how nikkas try to twist this into a W for 50 cent, talking about how y'all ain't smart