[porscheguy]

(07-13-2015 11:35 PM)Honorable Man Wrote:  

The example of his failed headphones brand is silly too. He was trying to do what Dre ended up doing. Fiddy's hustle isn't about never taking a loss, it is about becoming worth a Billion.

Rule #1 in business: Don't take losses on stupid shit like this avoidable civil suit with a ratchet hoodrat. Don't get a $17 million judgement against you for ripping off business partners.

[Medic42]

50's Mayweather jokes are hilarious but, Floyd's over here like...

[Sourcecode]

People that think 50 is broke, don't know how the game works and under estimate the man and his managers.

This bankruptcy is so he doesn't have to pay a chick..
50 once said.
"Don't know what you heard about me, but a bitch can't get a dollar out of me"

[djk100]

(07-14-2015 01:16 AM)Sourcecode Wrote:  

People that think 50 is broke, don't know how the game works and under estimate the man and his managers.

This bankruptcy is so he doesn't have to pay a chick..
50 once said.
"Don't know what you heard about me, but a bitch can't get a dollar out of me"

He is definitely paying child support to Daphne Joy.

[Mr. Wolf]

These guys are all dummies when it comes to money management, and building wealth. His bankruptcy was inevitable. Even if he'd had twice as much, he still would have managed to squander it, just a little later. As Bill Burr says, these guys are not good at being rich. Ice'd out laptop medallion and bitches in the hottub.....Microsoft son, know what I'm sayin....

[Benoit]

He's taken the stand that he'd rather take the ridicule for 'going broke' instead of paying $5m to a woman for hurting her feelings. I can respect that.

https://noisey.vice.com/blog/50-cent-ban...on-twitter

Here are 50 different losers making the same unfunny joke. Everyone loves a chance to hate on a successful man.

[Sourcecode]

But, when Trump files for bankruptcy multiple times?

[Simeon_Strangelight]

(07-14-2015 04:42 AM)Sourcecode Wrote:  

But, when Trump files for bankruptcy multiple times?

Yeah - with Trump it was often the massive debts outstripping his cash flow and the valuations of his real estate investments being too low. But it did not stop him from spending 1 mio. $ / month. So bankruptcy at a certain level does not mean the same as for others.

Currently it's not really clear whether he is really broke.

http://www.businessinsider.com/50-cent-f...oke-2015-7

Quote:

Bankruptcy filing does not mean 50 Cent is broke

On the other hand the Trump analogy simply does not compute since most of his debt is consumer debt. That is a very bad sign.

My take is that he had some 100 mio. $ in assets once, but wanted to live like a guy with 5 bio. $. That seems to be a common problem with some athletes and rappers.

[lavidaloca]

A lot of these athletes pay for everyone around them. I saw one recently who had an absolutely astronomical burn rate paying for 10+ people every time I see him. This was a low end pro athlete too. Under 1 million / year earnings.

He probably has a number of companies that are unrelated entities. One for real estate, one for music production etc. It's not really clear who the named defendants are.

When real estate valuations slide a guy whose highly leveraged may go from being a billionaire to having negative valuations. I don't think 50 Cent's bankruptcy is anything like Donald Trump.

50 Cent is a name brand that pushes products. Trump creates and seizes on investment opportunity although in some respects has become a name brand.

[Samseau]

Trump filed for bankruptcy, 50 cent filed for bankruptcy... it's clear most people have no idea what a Chapter 11 bankruptcy is or what it entails.

Hint: It's not bankruptcy for the poor.

[lowhead360]

delete

[Paracelsus]

http://www.news.com.au/entertainment/cel...7451758266

Well, unless he's committing multiple counts of perjury, Fifty's admitting it's largely show:

Quote:

The rapper, ordered to testify about his finances in Manhattan Supreme court, said that his over-the-top displays of wealth — the bling, the Lamborghinis, Bentleys and Rolls Royces — are all smoke and mirrors.

“Those cars were rented,” admitted the 40-year-old rapper, whose real name is Curtis Jackson.

“It’s like music videos, they say action and you see all these fancy cars but everything goes back to the dealership,” he added.

The rings, the chains?

“I borrowed from the jeweller,” he admitted.

In reality, he owns just three gold chains, which he has a jeweller refashion into a new piece every now and then, he said.

And forget about a diamond-studded Rolex — he said he wears a plastic Casio G-Shock instead.

And why put on the show?

Quote:

“The hip-hop culture is aspirational,” he said.

Sounds like he got the standard screwing by the record companies, too:

Quote:

He is claiming that he’s worth no more than $4.4 million and whined that he made only 10 cents for each of the 38 million albums sold, a total of $3.8 million. Forbes pegs his net worth at closer to $155 million.
Jackson had to admit he still commands top dollar for appearances, taking $100,000 for a day of filming “Spy” and $200,000 for a concert appearance last week in London.
He also confirmed that his 17-acre Connecticut estate has a basketball court and a nightclub — though he couldn’t remember the zip code for his 21-bedroom pad.

...and at a guess that estate is probably heavily mortgaged. As said, he might be committing perjury or he might have a very good lawyer, but if this as it seems, it's a nice look behind the bullshit. Masks off, Masks off...

[Simeon_Strangelight]

This sounds credible - if he made 20 mio. $ over the course of his career and now has a net worth of 4.4 mio. $, then it is very well possible. He never made 100 mio. $ though.

Those rappers almost never do.

It is highly unlikely he just "downplayed" his wealth. This is a court appearance and if it is found that he has 50 mio. $ somewhere, then the legal system can come down on him hard and take 20 mio. $ at a later date.

His shares in Vitamin water were likely overestimated as well - it's even possible that he never had shares, but only got paid a fixed amount. He never corrected the official estimates, because it gave him more credibility in the biz, since the public currently adores wealth as if getting rich is a sign of greatness somehow.

The reality about money is that true wealth is often hidden. The unassuming guy taking a walk with his dogs is worth 100 mio. $ while the one in the rap video with 4 Lamborghinis has just barely passed the 7 figure mark while having an 8 figure lifestyle.

[dads]

IMO, all you guys should chill. It's worth the entire watch. This was filmed the day the original article came out on him being bankrupt, and he doesn't seem to be stressing.

I'm not even going to get into an argument about this, but there was a lot of people quick to glee to hear a successful African-American rapper failed. On RVF of all places, where (supposedly) we are able to filter the bullshit and find the facts. One article and some people are saying "good riddance". The dude is DEFINITELY not broke.

[Benoit]

(07-22-2015 01:51 AM)Paracelsus Wrote:  

http://www.news.com.au/entertainment/cel...7451758266

Well, unless he's committing multiple counts of perjury, Fifty's admitting it's largely show:
...
...and at a guess that estate is probably heavily mortgaged. As said, he might be committing perjury or he might have a very good lawyer, but if this as it seems, it's a nice look behind the bullshit. Masks off, Masks off...

What's really smarter?

- leveraging your "modest" net worth to have the "rich and famous" lifestyle required to promote yourself

- or actually buying millions of dollars worth of awful jewellery and fancy cars that instantly depreciate by up to 50%, for the same show

I know which one I respect more.

[WestIndianArchie]

Nobody mentioned his stake in Vitamin Water.

That's the source of his real wealth, if he has any.

WIA

[Simeon_Strangelight]

(07-22-2015 06:07 AM)WestIndianArchie Wrote:  

Nobody mentioned his stake in Vitamin Water.

That's the source of his real wealth, if he has any.

WIA

It's possible that he has "given that money away" - moved it off-shore or officially transferred it to his mom or grandmother. That way he is left holding 4.4 mio. $ while having 50 mio. $ officially not his, but inofficially secure against any kind of future litigation like that crap now.

If he has done that, then it just looks a bit less sexy, but is smart enough considering that he meets plenty of crazy bitches and people willing to sue his ass off.

[Deepdiver]

FATCA and FBAR only apply to personal offshore accounts - businesses, IBCs etc set up as private offshore business entities are just that offshore and private - you only pay on any income/commissions you repatriate to pay yourself.