According to the Wall Street Journal, Curtis James Jackson III (50 Cent) filed for bankruptcy in a Hartford, CT court on Monday (July 13). The news comes not to long after Jackson was reportedly ordered to pay $5 million for his involvement in a sex tape scandal.
Reports state that Jackson’s assets are worth $10 to $50 million. In 2010, a lawsuit was filed against the rapper by Lastonia Leviston, the mother of one of fellow rapper Rick Ross’ children. The Wall Street Journal states that the lawsuit accused Jackson of posting a 13 minute sex tape to his website in 2009. Reports claim that this was part of an ongoing feud between Ross and Jackson, who are rivals within the industry.
“This was something done to me. I didn’t have a choice. I would never, ever do this to myself,” Leviston said about the sex tape scandal. NME reports that the video was spliced to include clips of Jackson in a wig. NME also reports that Jackson admitted to leaking the tape during an interview where he referred to Leviston as a “call girl.”
Jackson’s move to file for bankruptcy may have mostly occurred as a move to protect himself against the lawsuit. According to the Wall Street Journal, Jackson’s bankruptcy petition did not reference the lawsuit. They noted that these petitions can often halt lawsuits and collection efforts.
William A. Brewer, Jackson’s lawyer on the case stated the following on the move to file for bankruptcy:
“This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs.”