This week 50 Cent endured three hours of questions in connection with his bankruptcy about his finances and revealed a bit of potentially good news for creditors and fans alike: He has two new albums in the works, one of which is set for release later this year.
On Wednesday (Aug 5) in a mandatory meeting with creditors, the 40-year-old rapper and his lawyers and accountant fleshed out information recently disclosed in financial documents.
Many other details couldn’t be discussed due to confidentiality agreements surrounding contractual deals, however one of the bigger questions hanging over 50’s head is the 2007 purchase of Glaceau Vitaminwater in which 50 was an investor with lawyers hinting that 50’s income from the deal was less than the $100 million that had been publicly speculated.
Other details included information about two deals that sold the right to collect royalties of on-air play of his music. Half the rights to his portfolio were sold to Kobalt Music Group for $3 million several years ago, and the other half sold earlier this summer for another $3 million. That deal works as a type of advance, in which 50 might be able to collect some percentage of the royalties again after Kobalt recoups the $3 million advance. As for the sales of his albums, 50 owns the rights and pays only for distribution.
Fifty recently received $100,000 for his work in the newly released movie “Southpaw” and $50,000 for acting in “Spy,” also released this year. Fifty also has a hand in the Starz television show “Power.” He receives $20,000 per episode for his appearance and $15,000 for serving as an executive producer.
As for his role in Effen vodka and Frigo men’s underwear he supposedly hasn’t received any income from those deals yet. (shrugs shoulders)
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