Curtis “50 Cent” Jackson has a head for business and his investment savvy has led the Queens rapper to mogul status.
According to the website theJasmineBRAND.com, SMS Promotions owes 50 Cent $2.3 million in back loans.
The rapper/business mogul’s boxing company filed for Chapter 11 bankruptcy last month stating it had between 100k and 600k in debt — only 3 years after it launched strong by signing champion Yuriorkis Gamboa, James Kirkland and Andre Dirrell.
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.
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.