For years, Curtis “50 Cent” Jackson has been displaying a level of business savvy that has led the Queens rapper to mogul status. But the magic he’s been able to wield before fizzled with his boxing company, SMS Promotions, which 50 Cent says owes him $2.3 million in back loans.
Website theJasmineBRAND.com got the exclusive scoop on Jackson’s issues with SMS Promotions, which filed for Chapter 11 bankruptcy in May. In original court filings, the company owed creditors around $100,000 to $600,000 in debt. Back at the time of the filing, SMS Promotions had intentions of remaining open for business and that the Chapter 11 was a move to reorganize the structure. However, thers’s more to this story according the most recent moves in court.
From theJasmineBRAND.com:
However, it appears that things are a lot worse than originally envisioned for the boxing company. According to newly filed court docs — obtained exclusively by theJasmineBRAND.com — in the bankruptcy SMS Promotions amended the amount of debt they owe to $2.3 million dollars versus the original $100-600k estimate.
The amended schedules show that along with the $2.3 million in liabilities the company only has $644,903 in assets. The majority of the assets the company has are in the form of gym equipment which totals $540,404 … along with $9k in a checking account and $1k+ in petty cash.
SMS Promotions liabilities include $32k owed on a lease agreement, $2.3 million owed to Curtis Jackson aka 50 Cent in unsecured loans along with various other creditors.
No other announcements regarding future business with SMS Promotions has been formally introduced. 50 Cent has not made any public comments surrounding the matter.
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