50 Cent took a huge L when the jury ruled in favor of Lastonia Leviston — Rick Ross’ child’s mother — on July 10th. Fif was found guilty of posting a private sex video featuring her online to millions of viewers, subsequently causing pain and a near suicide attempt, she claims in the 2010 lawsuit. Furthermore, Curtis Jackson has to pay $5 million in damages.
However, the rapper/actor/businessman is making sure to that payment will never coming from his bank account. Jackson was supposed to dish out a net worth statement plus his state and federal tax returns for the past five years on Monday (July 13) so the jury could calculate punitive damages in addition to the initial $5 million award for Leviston’s emotional hardship.
To protect his assets 50 filed for Chapter 11 instead on the far to common Chapter 7 filing.
This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.
Check out the full documents here.
via: Page Six
