50 Cent lost another legal battle with his ex-business partners over a failed headphone deal and was slapped with a 17 million dollar judgement in that case. The total amount of liabilities 50 Cent lists for his top 20 creditors comes to a total of $28,478,920.
50 explained in court docs that he is not a celebrity who has spent recklessly living the high life, but rather he is the prime example of the American Dream — he just got caught up in too many legal battles that have left him with tens of millions to pay out.
On September 15th, 50 returned to court, asking the judge not to reveal to the public how much he made from his VitaminWater endorsement deal.
Back in 2004, 50 partnered with the beverage investor company, Glacéau, to create an enhanced water drink which eventually became Formula 50. He was given a small share of the company in exchange for being the face of the brand. 50 Cent and the company would go on to create various water based drinks and the rapper was a huge part of the success of the brand, by promoting his beverages endlessly over the years.
Then in 2007, Coca Cola purchased Glacéau for $4.1 billion dollars. It was reported that 50 Cent was paid out nearly $100 million dollars for the shares he had in Glacéau.
According to the docs filed in the bankruptcy, 50 Cent explains he signed a deal with Coca Cola following their purchase of Glacéa. The contract would allow Coca Cola to continue using his name, likeness, image and pictures in relation to the sales of Vitaminwater and other brands the rapper helped develop.
The rapper says the deal ended in late 2009. However, there are specific provisions in the contract that prohibit anyone from ever revealing how much he actually got paid to promote the brand.
He says if other brands or companies were to find out what he was paid, it would ruin future deals giving the company the upper hand in negotiations for 50 cent to endorse their products. The judge has yet to make a decision on whether the terms of his deal will be kept sealed from the pubic.