50 CENT FILES FOR BANKRUPTCY

Business 101


It seems 50 didn’t pay a whopping $17.2 million judgment over a deal he made to market headphones for a company called Sleek Audio. Sleek claimed 50 stole its design and then tried marketing it on his own. The law sided with Sleek, and 50 got hit with the massive judgment.

Legal Lesson: If you don’t pay a judgment, the winner can garnish your wages and freeze your bank accounts.  

A source connected to 50 tells TMZ the rapper has complete access to his business bank accounts … the only account affected by the judgment is his personal.

And it’s not like he’s broke. Forbes estimates 50’s worth at $140 million.

An attorney for 50 tells us they are appealing the Sleek Audio judgment, and the company has been “desperately attempting” to hold money from any accounts it can locate. He added … don’t worry about 50 because his assets are “appropriately protected.” 

Lmao I bet they are.

This coming on the heels of another judgement that he lost against Rick Ross’ babymother for a leaked sex tape that a jury awarded her $ 5 million.

TMZ has also confirmed … 50 filed for bankruptcy on Monday, 3 days after Rick Ross‘ baby mama won a $5 million jury verdict against him.

50 is in a world of financial hurt. A jury awarded Lavonia Leviston the $5 mil after determining the rapper intentionally leaked a sex tape in which she was featured, in order to embarrass Ross.

50 has been ordered to produce proof of income and worth so the jury can determine punitive damages.

According to the bankruptcy filing — a story first reported by Page 6 — 50 says his assets are valued between $10 and $50 million but his liabilities are also between the same range.

It’s a breathtaking fall .. in May, Forbes estimated 50’s net worth at $155 million.

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