50 Cent’s Boxing Company’s Bankruptcy Case Finally Dismissed
New reports confirm that the rapper whose real name is Curtis Jackson scored a major victory as his boxing company’s Chapter 11 Bankruptcy case has been dismissed after confirmations that they aren’t drowning in debt.
Earlier this month, 50’s boxing company SMS Promotions went back to court, asking that the company’s bankruptcy suit be dismissed as the company has paid off its major creditors. SMS promotions had been in rifts with its two major fighters, Ryan Martin and Yuriorkis Gambo, both of whom wanted the court to void their contract and enable them sign on with another company. While the judge insisted that Gambo’s contract was valid, Martin was released to another company, with income paid to 50 Cent’s company.
And so weeks ago, SMS Promotions filed for the bankruptcy suit to be dismissed so that it could return to full business transactions, and The Jasmine Brand confirms that the motion has been approved.
According to The Jasmine Brand:
“50’s company said that following the issues with his boxers being settled the amount of claims the business owed went from $2,292,671 to $72,383.69.
The company stated that they can easily operate with the 5 figure debt and does not justify continuing on with the bankruptcy. 50 asked the court to dismiss the case because he no longer needs the bankruptcy protection.
Here’s the latest: On May 20th, the Federal Court judge came back and signed off on the Chapter 11 bankruptcy being dismissed without any debt being wiped clean. The case was closed the same day.”
Now, this is one victory for the rapper’s business arm. We wonder how long before 50’s total business ventures will be set free from the bankruptcy issues.
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