It couldn’t have been a better birthday gift. As he celebrated his 41st birthday, he got a special present from the court system: 50 is now officially free from bankruptcy court.
A bankruptcy judge signed off on a deal Wednesday (July 6) that officially closed the case. TMZ reports that under the agreement, 50 will pay out $23 million to his creditors over the next 5 years. $17 million of that will go to Sleek Audio and $6 million to Rick Ross‘ baby mama Lastonia Leviston for leaking her sex tape.
Elated, 50 took to Instagram to share the news with his own signature brand of enthusiasm. “Oh now I remember where I put that Money. LMAO!,” wrote under a screenshot of the headline.
50 filed for bankruptcy back in July of 2015 with reported assets and debts each in the range of $10 million to $50 million. At the time, he explained that filing was part of his strategy to get his business affairs in order and protect his assets.
“I’m taking the precautions that any other good businessperson would take in this situation,” said 50 back in July. “You know when you’re successful and stuff, you become a target. I don’t wanna be a bullseye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that.”
“Mr. Jackson is pleased that the Bankruptcy Court approved his plan of reorganization today, less than one year after filing for chapter 11 to reorganize his financial affairs,” Jackson’s lawyer told TMZ following the ruling. “Mr. Jackson appreciates the fresh start this process provides.”
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