By: Amanda Anderson-Niles
The other day it was confirmed 50 Cent recently filed for bankruptcy as a result of being sued for $5 million by Rick Ross’ baby mama, but now the businessman wants to make it clear to the media that the move was a strategic one and not a sign of financial difficulties.
He tells E! News:
“I’m taking the precautions that any other good businessperson would take in this situation. You know when you’re successful and stuff, you become a target. I don’t wanna be a bulls eye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that.
“Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward.”
So basically he filed so he won’t have to cough up that 5 mil.
I’m not sure why people keep trying to put Donald Trump on a pedestal when he’s a racist idiot who happened to be born into wealth. I wish people would stop feeding his ego.
Well duh he doesn’t want to pay Rick Ross baby mama 6 million and he just lost a 16 million lawsuit with SMS headphones. Filing bankruptcy protects your assets because when someone has a judgment against you and you don’t pay they can go after your assets so filing bankruptcy stops that. Donald Trump and other rich people do this all the time.
Not a 50 cent fan but this situation has taught me that the masses know little about business, finances and bankruptcy. It was a smart move…
I think this was obvious.
Rich people do shady sh-t like this all the time when they get sued. Too bad us working Americans can’t do the same when it comes to student loan debt. Bullsh-t.
It’s a smart move but he could have prevented all of this if he didn’t troll that woman in the first place.
2 quarters thinks he’s slick but he still has to fork over his financials to the jury so they can finish awarding punitive damages. Either way, he’s still gonna have to pay…he’s just forestalling the inevitable!
Y’all are dropping some knowledge in these comments. Thank you.
It’s the oldest trick in the book.
Makes sense to me!!!!