50 Cent Drops $8 Million In Cash To Get Out Of Bankruptcy
(AllHipHop News) Rap star 50 Cent is completely out of bankruptcy.
According to reports, 50 has cleared the books on his Chapter 11 bankruptcy case, by plunking down $8.7 million of his own money.
In December, 50 received $14.5 million from a separate lawsuit, involving his Sleek audio headphone company.
A judge ruled that the law firm didn't adequately represent the rapper and his "interests in licensing negotiations" and awarded him the settlement.
Under the terms of his $23 million bankruptcy settlement that 50 entered into in July, the settlement from the headphone lawsuit had to go towards satisfying the bankruptcy settlement.
The rapper used the cash he received from the malpractice suit to put another $13.6 million toward his debt.
Earlier this week, 50 filed a separate lawsuit against the law firm Reed Smith and attorney Peter Raymond, claiming they botched the settlement with Lastonia Leviston.
50 is seeking $32 million from that set of former lawyers.