I previously posted about the Chapter 11 Bankruptcy filing of Rapper 50 Cent.
Since the filing, 50 Cent has posted three photographs of himself with large sums of money. In one photo, 50 Cent is seen sitting on the floor next to stacks of $100.00 bills spelling out the word “Broke”.
Suspicious creditors, including the rappers former girlfriend, Lastonia Leviston who won a multi-million dollar jury award over a sex tape, his mortgage lender and a partner in a failed headphone deal are asking the Court to appoint an outside financial manager to handle his money until he pay off the $30 million he owes creditors.
This would be significant since a Chapter 11 Debtor is known as a “Debtor In Possession”. This means that they control their own finances during the bankruptcy.
If the creditors are able to convince the Judge that 50 Cent is not handling his assets property the court can appoint a trustee manage the assets.
50 Cent has been ordered to appear in court to respond to allegations that he is not disclosing all of his assets.