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0 Cent files for bankruptcy
07-14-2015, 01:07 AM
50's Mayweather jokes are hilarious but, Floyd's over here like...
"The point is, marriage is stupid. Every year there are a million hot, new 22-year olds going into bars, and call me glass-half-full, but I think they're getting dumber." -Barney Stinson
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0 Cent files for bankruptcy
07-14-2015, 01:16 AM
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"
I am the cock carousel
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0 Cent files for bankruptcy
07-14-2015, 04:42 AM
But, when Trump files for bankruptcy multiple times?
I am the cock carousel
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0 Cent files for bankruptcy
07-14-2015, 08:04 AM
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.
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0 Cent files for bankruptcy
07-14-2015, 08:11 AM
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.
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0 Cent files for bankruptcy
07-22-2015, 02:24 AM
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.
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0 Cent files for bankruptcy
07-22-2015, 06:07 AM
Nobody mentioned his stake in Vitamin Water.
That's the source of his real wealth, if he has any.
WIA
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0 Cent files for bankruptcy
07-22-2015, 09:44 AM
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.