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50 CENT ESCAPES $16MILLION SLEEK LAWSUIT THANKS TO BANKRUPTCY

50 CENT ESCAPES $16MILLION SLEEK LAWSUIT THANKS TO BANKRUPTCY

After filing for Chapter 11 bankruptcy, 50 Cent seemed to have protected himself from having to shell out $16 million to former business partners, Sleek.


Curtis James Jackson III, more popularly known as rap artist 50 Cent, filed for personal bankruptcy protection this week after he was ordered to pay a woman $5 million in connection with a lawsuit she filed regarding a leaked sex tape.
Locally, the rap artist was ordered by a court in early 2014 to pay Bradenton company Sleek Audio about $16 million after a 2013 lawsuit. TheNew York Business Journal reports the Chapter 11 bankruptcy protection filing claims Jackson's assets and debts are in the range of $10 million to $50 million.
A representative from law firm Broad and Cassel, which represented Sleek Audio in the initial lawsuit, said the case is on appeal in Florida's Fourth District Court of Appeal but wouldn't comment further.
Tampa bankruptcy attorney Alfred Villoch, with Savage Combs & Villoch PLLC, said in a case like this it's possible Sleek Audio will be listed as an unsecured creditor and could stand in line behind others for money owed.
"They’re going to be on the level of other unsecured creditors fighting for a portion of whatever money he has that’s available to the bankruptcy estate after exemptions," Villoch said.
What the company stands to get is unknown. Jackson's petition states there will be money for unsecured creditors, "but it could be 5 cents on the dollar, 20 cents on the dollar," Villoch said.
Forbes said in 2014 that 50 Cent was one of hip-hop's wealthiest artists.
See a video from 2011 of Jackson introducing the line of wireless headphones with Sleek.
Follow on Twitter @GrimeCulture


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