50 Cent is a lot of things, but you can’t say he isn’t a shrewd businessman. His SMS Boxing Promotional company filed for bankruptcy yesterday as 50 just decided to cut his losses, but there was another motive behind it.
Rapper 50 Cent ducked a potentially costly lawsuit over a sex tape — by filing for bankruptcy just minutes before the Manhattan trial was scheduled to start Tuesday.
He then got a federal judge to remove the Manhattan state civil suit brought by rival rapper Rick Ross, because he is SMS’ “sole owner and manager,” according to court papers.
The 2010 Manhattan suit by Lestonia Leviston (Ross’ baby mama), 36, of Florida “may have effects on assets and liabilities of the debtor,” Fitty’s filing says.
The rapper, born Curtis Jackson, in Queens, posted the racy video of Leviston and another former boyfriend Maurice Murray in 2009 on his website. It drew 4 million views and almost drove Leviston to suicide, she says in her suit.
50 isn’t broke, but Lestonia can’t go forward with her lawsuit because he is technically in bankruptcy proceedings.
Her lawyer is outrage and plans to refile the case.
H/T NY Post