(EXCLUSIVE) 50 Cent’s Boxing Company Tries to Dismiss Bankruptcy
theJasmineBRAND.com exclusively reports, 50 Cent has returned to court telling the judge his boxing promotion company isn’t broke anymore and is asking for the Chapter 11 bankruptcy be dismissed, since he has settled his issues with his major creditors in the case.
The rapper’s boxing company SMS Promotions filed for Chapter 11 bankruptcy last year stating it had between 100k – 600k in debt, only 3 years after it launched strong by signing various boxing champs.
According to court docs in the bankruptcy, SMS Promotions stated their liabilities were over 2.3 million dollars and only $644,903 in assets.
SMS Promotions battled it out with two of their biggest fighters in the bankruptcy case. Boxers Ryan Martin and Yuriorkis Gambo both attempted to have the judge void their contract, to allow them to sign with other promoters.
The judge found that Gambo’s contract was valid and ordered it was enforceable. However, the company and Martin reached a deal to release him from the contract but has the fighter paying a percentage of his future income to 50’s company.
Then on May 4th, SMS went to court and filed documents explaining they wish to dismiss the entire case because they have settled with their major creditors and no longer need to go through with the bankruptcy.
50’s company says 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 states that they can easily operate with the 5 figure debt and does not justify continuing on with the bankruptcy. 50 is asking the court to dismiss the case because he no longer needs the bankruptcy protection.
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