It looks like 50 Cent is close to becoming debt-free. The rap mogul has reached agreements with creditors that could get him out of bankruptcy.
On Wednesday (March 8), Fif appeared at a court hearing to answer questions about his Instagram photos where he’s holding bundles of cash, including one that showed him lying amid stacks of money arranged to spell “BROKE.” Before the hearing, the 40-year-old rap mogul submitted a lengthy summary explaining that the wads of money in the pictures are fake.
According to Hartford Courant, 50’s legal team reiterated to the judge that the fake cash was used to maintain his image. “Hip-hop culture is aspirational, said Patrick Neligan, one of 50’s bankruptcy attorneys. “[Many of 50 Cent’s fans] come from poverty. They want their favorite rapper to be rich. Money is important.”
His attorneys also revealed that ongoing talks with the creditors have resulted in an agreement that, if approved by Bankruptcy Judge Ann Nevins, would help pay them between 74 and 92 percent of what they are owed over five years. The faster 50 pays them, the lower the repayment.
The creditors include Sleek Audio, which is owed more than $17 million in a failed deal, SunTrust Bank and Lastonia Leviston, Rick Ross’ baby mama, who sued him for defamation and won a $7 million judgment against him.
Two of the creditors, Sleek Audio and SunTrust Bank, seemed to agree with 50 Cent’s explanation of his Instagram stunting and how it’s a crucial part of his brand. However, a lawyer for the U.S. Trustee, who oversees the bankruptcy process, still wants the judge to appoint an examiner to comb through 50’s finances and make sure everything is accounted for.
After the hearing, 50 Cent wouldn’t talk to reporters, however, he did say that he will post his response on Instagram.
Shortly thereafter, 50 posted a photo of him with wads of cash in his belt and pouring M&M candies in his hands. “For some reason people love me. I went to court today and all I felt was love,” he wrote in the caption. “They asked me about money I said I ain’t got none, but if you want some m&m’s here ya go.”
Fif also posted a photo of some busted up Air Jordan kicks with the caption, “My guess is this image is court approved.”
50 Cent is scheduled back in court on April 6 for another status hearing in the case