50 Cent‘s SMS Promotions, the rapper’s boxing promotions company, has filed for bankruptcy. The company said in a statement to Billboard magazine that it will continue its operation of business. “This filing for bankruptcy protection permits SMS Promotions to continue the operation of its business, while it pursues an orderly reorganization of its affairs. Under the direction of Mr. Jackson [50 Cent], 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,” Patrick J. Neligan of SMS Promotions stated. According to TMZ, the boxing company’s debt is reportedly between $100,000-$500,000. SMS Promotions was launched by 50 Cent three years ago, after he and Floyd Mayweather Jr. dissolved their boxing promotions company partnership.
50 Cent has another legal issue to deal with, which stems from a lawsuit filed against him in 2010. Lastonia Leviston, Rick Ross’ ex-girlfriend, filed a lawsuit against 50 Cent claiming the rapper distributed a sex tape that featured her and another man. Leviston’s lawsuit alleges 50 Cent edited out the man who was originally on the tape, and the New York rapper inserted himself in the video, for which he portrayed himself as a pimp. The updated version of the sex tape (with 50 Cent) leaked online and gained over three million views, and Leviston is suing the rapper for emotional distress. Due to the lawsuit, 50 Cent must stand trial for allegedly leaking the sex tape to several video outlets.
50 Cent has vehemently denied he leaked the sex tape, and so he recently filed a lawsuit of his own. The rapper’s lawsuit suggests Rick Ross is responsible for leaking the video. Although 50 Cent has admitted to providing the embedded link for the sex tape, he believes Rick Ross is to blame for the entire ordeal, since he is allegedly the person who leaked the video online. 50 Cent is using one of Rick Ross’ radio interviews as proof, for which Ross clearly stated that he was going to leak his ex-girlfriend’s sex tape. “If Leviston should recover against Curtis Jackson [50 Cent] for the allegations stated in her complaint, said damages will have been caused and brought about by reason of the wrongful actions of [Rick] Ross,” the court document reads.
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