My Two Cents Worth on Fifty Cent
(Is He Getting Rich or Is He Dying Trying?)
As most everyone by now knows, Rapper Fifty Cent filed for bankruptcy. Mausoleums may be the final folly of the rich, but the massive Connecticut mansion that “Mr. Cent” now seeks to rent out may prove to be an earlier folly. It apparently has more than twenty bedrooms and his proposed bankruptcy budget for its maintenance is $72,000.00 per month. Entertainment reporters at TMZ reveal that the mansion has a casino within its walls. Maybe that was the problem.
According to TMZ, the mansion’s previous occupants included a Lithuanian businessman who went bankrupt while living there; pugilist Mike Tyson who of course went bankrupt; and now, poor Curtis Jackson, commonly known as Fifty Cent. If he can find a buyer or a tenant, it may go a long ways toward his ability to reorganize.
One of the lessons here is that bankruptcy is not only for the poor; those without income or assets. Chapter 11 reorganization is a tool used by individuals and businesses to protect their assets while restructuring the debt obligations. Most reorganization budgets will not include a monthly $72,000.00 item for household maintenance, but you get the idea. Fifty Cent joins a long line of wealthy, high profile people such as Donald Trump, Michael Vick, Mike Tyson and Burt Reynolds who have recognized the strategic business and financial value of chapter 11.
By: David G. Hicks, Attorney at Law