Bankruptcy Judge Ann M. Nevins yesterday approved the chapter 11 reorganization plan for hip-hop mogul and businessman 50 Cent, the Hartford Courant reported today. The effective date of the plan will be 15 days from the time formal approval is entered into the record by Judge Nevins. On the effective date, 50 Cent will make a $7.4 million payment to begin the process. The rapper, whose real name is Curtis James Jackson III, lives in Farmington, Conn. Jackson filed for bankruptcy last July after losing a privacy lawsuit in state court in New York to Lastonia Leviston. Jackson posted on his website a sex tape featuring Leviston and another rapper, and a jury awarded her $7 million. Around the same time, Jackson also was ordered to pay a massive arbitration award in connection with a deal to produce headphones that went sour. Read more.
Don’t miss the “Practicing in the Limelight: The Challenges Faced in Cases Involving High-Profile Debtors” session at ABI’s 11th Annual Northeast Consumer Forum on July 14-16!