As most of you know, Curtis James Jackson, III a/k/a 50 Cent filed Chapter 11 bankruptcy on July 13, 2015. He filed what's commonly known as a skeleton petition, which is a bare-bones filing used to get a case on file quickly and which does not contain the required disclosures regarding assets and liabilities. He then filed a motion to extend the timeline to file his actual disclosures, which was granted. On August 3, 2015, he finally filed the rest of his schedules.
To make a long story short, he was almost $8M underwater on the day he filed bankruptcy. I have attached the relevant documents below. Here is a brief explanation of the interesting documents: Schedule A contains his real estate holdings; Schedule B contains all of his other personal property and assets; Schedule D lists the mortgage on his house; Schedule F lists all other unsecured debts, except child support; Schedule I lists monthly income; and Schedule J lists monthly expenses.
Here are the highlights:
- Total Assets: $24,823,899.18
- Total Debts: $32,509,549.91
- Monthly Income: $184,969.58
- Monthly Expenses: $108,000
- Cash in the bank: $10,554,486.13
- Ownership interests in his companies: $4,412,712.24
- Total value of his automobiles: $500,618
- Monthly child support: $14,600
- Monthly household expenses/utilities: $72,000
- Monthly meals and entertainment: $3,000
- Monthly wardrobe: $3,000
Here are the complete schedules. Take a look and let me know if you have any questions about anything in here.
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