The rapper and businessman, 50 Cent has just filed for bankruptcy shortly after having to pay $5 Million in a sex tape scandal involving Rick Ross's babymama.
Now if you missed the juice on that situation, basically the ex of Rick Ross, claimed that 50 maliciously released her sex video, where she was awarded $5 Million plus damages. Talk about a come-up.
We all know 50 Cent is outspoken, sometimes reckless, and I still like him. I do admit however, his arrogance can put him in situations like this. I mean come on, he added a clip of himself in her video.
But let's be clear. Just because he's filed for bankruptcy does not mean he is broke. Chapter 11 bankruptcy is different from your parents filing which is like Chapter 7. Chapter 11 bankruptcy allows him to reorganize his business interest, as opposed to a chapter 7 bankruptcy filing, which would mean liquidation of his assets.
In even easier terms, this isn't your MC Hammer bankruptcy, your Mike Tyson, or even your Gary Coleman bankruptcy.
This is 50 Cent. A man who created one of the largest series on Starz, has endorsements with Effen Vodka and SMS Audio, his own underwear, energy drink and much more.
So, let's cut the crap. 50 Cent is just fine. I bet he'll think twice next time he comes across a sex tape though.