theJasmineBRAND.com exclusively reports, Curtis ’50 Cent’ Jackson can breathe a little easier now that his boxing promotion company isn’t drowning in debt and the rapper/mogul’s Chapter 11 bankruptcy for the business has been dismissed — due to the company having resolved the biggest issues with creditors and no longer needing the court’s protection.
Here’s the backstory: 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 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 and 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.
On May 4th, SMS returned to court and filed documents explaining they wished to dismiss the entire case because they settled with their major creditors and no longer need to go through with the bankruptcy.
50’s company said 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 stated that they can easily operate with the 5 figure debt and does not justify continuing on with the bankruptcy. 50 asked the court to dismiss the case because he no longer needs the bankruptcy protection.
Here’s the latest: On May 20th, the federal court judge came back and signed off on the Chapter 11 bankruptcy being dismissed without any debt being wiped clean. The case was closed the same day.