Back in July, multi-platinum rapper Curtis “50 Cent” Jackson, filed chapter 11 bankruptcy. This declaration came on the heels of losing a string of lawsuits that are estimated to total some $29 million. According to CNN Money, “(c)hapter 11 is a type of filing usually used by corporations to restructure a business in the face of crippling debt. However, 50 Cent is listed as the sole debtor in this case. ”
If you are aware of 50 Cent’s social media presence, you will notice two things. The first is that he doesn’t shy away from conflict. The other is that he likes to flash the cash. However, the latter may not be the best move when you’re declaring bankruptcy.
Over the last few months, the rapper has posted pictures of himself on Instagram, in each case with what appears to be tens of thousands of dollars in cash. While not the millions he owes, the judge in the case, Ann M. Nevins, is wondering if 50 Cent is actually being honest about how much in the red he actually is. As a result, she has called a hearing to discuss her concerns about his apparently lack of “transparency” in regards to his assets.
In addition to several Instagram posts showing what appears to stacks of personal cash, lawyers for the claimants in these lawsuits point to a September tweet in which the rapper brags about a new house he is building in Africa. In court, the rapper never claimed this among his assets.
Attorneys for 50 Cent say that he has indeed been transparent with the court and say that their client will appear in front of the judge to answer her questions.