fixed
How the hell? Didn't he make over 100 million from selling his stake in vitamin water alone?
The filing comes days after a jury ordered 50 to pay Rick Ross' ex girlfriend Lavonia Leviston, a $5 million judgment for intentionally releasing a sex tape in which she was featured. The judgment was made up of $2.5 million for using her image without permission and another $2.5 million for emotional distress. The judge in that case also ordered Mr. Jackson to produce proof of income and worth so the jury can determine further punitive damages. After hearing about the bankruptcy filing, I spoke to a bankruptcy attorney to understand exactly what is going on. The attorney explained to me that based on what had just happened with the sex tap judgment that he would assume that the bankruptcy filing is a strategic move. In this attorney's opinion, it would appear that Mr. Jackson filed for personal bankruptcy for three important reasons: 1) To prevent the judgment creditor (Lavonia Leviston) from being able to disrupt his business operations and place liens on his assets. #2) To force the creditor to the negotiating table to bring the $5 million judgment down. And #3) To prevent the jury in the sex tape case from being able to award Ms. Leviston further punitive damages.
Yep. I'm sure his BK lawyer is a smart guy but BK courts (supposedly) have gotten very tough in the last few years.Interesting, but doesn't it seem a little obvious and transparent if he is just doing it to avoid any further judgement?
KT
Sounds more like a business play than real bankruptcy.
The filing comes days after a jury ordered 50 to pay Rick Ross' ex girlfriend Lavonia Leviston, a $5 million judgment for intentionally releasing a sex tape in which she was featured. The judgment was made up of $2.5 million for using her image without permission and another $2.5 million for emotional distress. The judge in that case also ordered Mr. Jackson to produce proof of income and worth so the jury can determine further punitive damages. After hearing about the bankruptcy filing, I spoke to a bankruptcy attorney to understand exactly what is going on. The attorney explained to me that based on what had just happened with the sex tap judgment that he would assume that the bankruptcy filing is a strategic move. In this attorney's opinion, it would appear that Mr. Jackson filed for personal bankruptcy for three important reasons: 1) To prevent the judgment creditor (Lavonia Leviston) from being able to disrupt his business operations and place liens on his assets. #2) To force the creditor to the negotiating table to bring the $5 million judgment down. And #3) To prevent the jury in the sex tape case from being able to award Ms. Leviston further punitive damages.
Yep. I'm sure his BK lawyer is a smart guy but BK courts (supposedly) have gotten very tough in the last few years.
The filing comes days after a jury ordered 50 to pay Rick Ross' ex girlfriend Lavonia Leviston, a $5 million judgment for intentionally releasing a sex tape in which she was featured. The judgment was made up of $2.5 million for using her image without permission and another $2.5 million for emotional distress. The judge in that case also ordered Mr. Jackson to produce proof of income and worth so the jury can determine further punitive damages. After hearing about the bankruptcy filing, I spoke to a bankruptcy attorney to understand exactly what is going on. The attorney explained to me that based on what had just happened with the sex tap judgment that he would assume that the bankruptcy filing is a strategic move. In this attorney's opinion, it would appear that Mr. Jackson filed for personal bankruptcy for three important reasons: 1) To prevent the judgment creditor (Lavonia Leviston) from being able to disrupt his business operations and place liens on his assets. #2) To force the creditor to the negotiating table to bring the $5 million judgment down. And #3) To prevent the jury in the sex tape case from being able to award Ms. Leviston further punitive damages.
Seems like it. Multiple times in Wikipedia under "Portfolio and Wealth" it basically says "he's rich."I think is just so he doesn't have to pay a single dime in that lawsuit.
He was the fifth-richest figure in American hip hop in 2014, with an estimated net worth of $140 million.[106]