The rich get...poorer? Well, that's unusual, especially for 50 Cent. According to a report, 50 Cent's boxing company, SMS Promotions, has filed for bankruptcy.
But, there's more to the story. His camp says that SMS Promotions filed bankruptcy to avoid facing a lawsuit for a sextape.
A statement from SMS Promotions says the following:
“SMS Promotions, LLC, (SMS Promotions) a boxing promotion company owned by Curtis Jackson, a/k/a 50 Cent, today announced that it has filed for relief under chapter 11 of the Bankruptcy Code. The filing allows the company to reorganize in an effort to protect its investment in worldwide boxing promotion and a promising stable of talented, young fighters.
“SMS Promotions is expected to continue operating under the supervision of the bankruptcy court – in furtherance of its mission to become one of the world’s leading boxing and sports promotion companies. Founded in 2012, SMS Promotions has gained international fame as the promoter of landmark sporting events and superstar fighters such as junior middleweight James Kirkland.
“This filing for bankruptcy protection permits SMS Promotions to continue the operation of its business, while it pursues an orderly reorganization of its affairs,” says Patrick J. Neligan, Jr., partner at Neligan Foley, LLP and counsel for SMS Promotions. “Under the direction of Mr. Jackson, SMS Promotions looks forward to reorganizing as a new corporate entity and becoming one of the leading promotion companies in the world of professional boxing.”
The filing or bankruptcy will allow SMS Promotions to continue running, although they "look forward to reorganizing as a new corporate entity."
Curtis Jackson is having some trouble boxing around the court system. Meanwhile, Floyd Mayweather is busy cashing in bets and winning inordinate amounts of cash. We reached out to Mayweather for a reaction to 50's boxing company filing for bankruptcy and were sent the following:
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[via Miss Info]