Rapper 50 Cent, whose once-extravagant lifestyle crumbled after a failed business deal and a lawsuit over a sex tape, received court approval Wednesday to get out of bankruptcy.
A Connecticut court gave the green light to a proposal submitted by 50 Cent, who was celebrating his 41st birthday, to pay some $23.4 million to creditors over five years.
The plan approved by Judge Ann Nevins said creditors who accounted for 99.5 percent of claims against the rapper accepted his arrangement.
Best known for his album and movie "Get Rich or Die Tryin,'" the rapper filed for bankruptcy protection last year soon after losing a lawsuit over a sex tape.
50 Cent, whose real name is Curtis James Jackson III, had appeared in a wig and spoke in an artificially high voice as he narrated a video that depicted sex acts by Florida woman Lastonia Leviston.
He had been seeking to mock fellow rapper Rick Ross, who was formerly in a relationship with Leviston. After she sued, 50 Cent was ordered to pay $7 million in damages.
Under the bankruptcy deal, 50 Cent will instead pay her $6 million, a court document showed.
The biggest claim against the rapper was from investors in Sleek Audio, a failed headphone venture.
He agreed to pay them more than $17.5 million under the deal.
In the settlement, 50 Cent said he was putting forward $7.4 million to his creditors immediately in cash and would generate nearly all the additional money by selling his home, a Connecticut mansion once owned by boxer Mike Tyson.
When he filed for bankruptcy protection, 50 Cent had told the court that his lavish lifestyle was all a show and that he even borrowed expensive jewelry that he returned after wearing it in public.
He did not appear chastened by the bankruptcy settlement, however. He posted pictures on Instagram of himself flying in a helicopter and, shortly after the judge approved the plan, wrote: "Oh now I remember where I put that money."
50 Cent had earned an estimated $100 million in 2007 when he sold a stake in enhanced water drink VitaminWater.
AFP
Thu Jul 07 2016
Rapper 50 Cent received court approval Wednesday to get out of bankruptcy.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.
Bursa Malaysia ends higher on Budget 2025 optimism
The benchmark index, which opened 1.85 points higher at 1,643.29, moved between 1,641.71 and 1,649.31 throughout the trading session.
Five important aspects relating to people’s lives in Budget 2025 - PM
The focus is on driving the MADANI Economy, speeding reforms, cutting red tape, raising wages, and tackling the cost of living.
Economic outlook: Govt plans to leverage, expand existing city transit system
The expansion aims to provide a more efficient and reliable public transportation network, reduce congestion, and improve accessibility.