This story has been developing over some time now, but since it's rather quiet on the news front I might as well talk a little about 50 Cent's cloudy future in the boxing business. Most of us are aware by now that Fiddy filed for bankrucptcy for his SMS promotions not that long ago. While some scoffed at this as an abrupt end to his days in boxing promotion, it was reported to simply be a move to pave the way for a corporate restructuring.
Well it appears that 50 may now have to do some restructuring in his own personal finances. Just last week 50, real name Curtis Jackson, filed for Chapter 11 bankruptcy protection after a $5M judgement was made against him for leaking a sex tape of Rick Ross' baby mama during their rapper feud. This judgement also comes on the heels of a much-stiffer $18M judgement against 50 for apparently appropriating the SMS headphone designs from company called Sleek Audio. Curtis claimed in bankruptcy court that he currently has $28,478,920.75 in debt obligations.
Now before anyone cries boo-hoo for Curtis, it should be noted that the man is still rich and not nearly as broke as many would make it seem - it's just that since most of his assets are illiquid, he cannot immediately cover $20+ million in court judgments. Curtis appeared on Conan O'Brien to explain his need for bankruptcy protection.
"Yeah, I need protection," 50 Cent explained to Conan. "You get a bull's-eye painted on your back when you're successful, and it's public. You become the ideal person for lawsuits."
But we all know the court of public opinion can be a tough place with no reprieve in sight, and the memes of 50 began almost immediately.
Ok, ok - I admit I mostly wrote this whole article just as an excuse to post this meme, I thought it was funny. But there are actual implications about what this means for 50's future in boxing promotion. It's well known that 50's stable of marquee fighters has diminished quite a bit, with his biggest attraction being James Kirkland. But with all the news of bankruptcy and such, it looks as if Kirkland will be looking to separate with 50 in the near future. Mike Miller, an attorney and manager of James Kirkland offered the following statement:
"We will move to separate ourselves from SMS (the 50 Cent boxing promotional company). Kirkland's contract with SMS is unassignable so it cannot be assigned to any other entity without our permission and we have no intent on agreeing to our contract being assigned to anyone. Kirkland only has so many years left to fight and he needs to move on (to another promotional deal)."
So could all of this effectively ensure that 50's days in the boxing business are quickly coming to an end, or is this just a major setback leading to major-er comeback?