50 Cent Offers This Much To Rick Ross’ Baby Mama In Bankruptcy Plan
BOSSIP Exclusive: 50 Cent Offers This Much To Rick Ross’ Baby Mama In Bankruptcy Plan - Page 2
50 Cent Submits $23 Million Debt Plan For Bankruptcy
50 Cent has agreed to hand over $6 million of Rick Ross’ baby mama’s $7 million sex tape judgment as part of a proposed $23.4 million bankruptcy repayment plan.
Under his debt proposal, filed May 17 in U.S. Bankruptcy Court in Connecticut, Lastonia Leviston will get the lump sum in exchange for dropping her $7 million sex tape case against him, and if 50 Cent doesn’t pay within 30 days, Leviston’s original claim will be reinstated.
Last year, a New York jury awarded Leviston the $7 million judgment after she sued 50 Cent for leaking a tape of her having sex with her then boyfriend. The “Power” actor filed for bankruptcy shortly afterwards, claiming he had $11 to $50 million in assets, and liabilities in the same range.
50 said in court papers that Leviston has agreed to his proposal, and said they both believe the settlement is in their best interest and would prevent them from having to drag the case out in court.
50 Cent revealed in court docs that he also inked a settlement with his biggest creditor, Sleek Audio. He’s promised to pay $17.3 million of Sleek Audio’s $18.1 million judgment against 50 after a judge found that 50 stole their headphone design and used it for his own line, SMS Audio. In return, Sleek Audio execs will help him fight a $75 million malpractice suit against the lawyers who repped him in the headphone case.
He’s also proposed paying one million to the bank on his outstanding mortgage, $1.2 million to ASCAP for a royalty advance, up to $3.9 million to SunTrust Bank for backing SMS Audio and a nearly $132,000 payment to Bentley Financial Services for his 2012 vehicle.
The proposed bankruptcy plan also gives 50 Cent five years to pay back $1.3 million to other creditors. If he pays within a year, he’ll only have to pay 75 percent of the claims. But if he takes the full five years, he’ll pay 92 percent of the debt.
50 Cent said he plans to pay for all of this by selling his $8.2 million Connecticut mansion, using cash in the bank and an expected payout from the $75 million malpractice claim against the lawyers who repped him in the Sleek Audio case.
A judge has yet to sign off on the plan.
