Bankrupt rapper 50 Cent says the debt-repayment proposal up for review by a judge later this week would subject him to a form of modern-day indentured servitude, the Wall Street Journal’s Bankruptcy Beat blog reported yesterday.
In court papers, lawyers for 50 Cent, whose real name is Curtis James Jackson III, argued the proposal would force the 40-year-old entertainer to turn over all of the money he earns to another lawyer until his more than $30 million in debt is paid. The proposal doesn’t require the lawyer, Richard M. Coan of Connecticut, to let Jackson keep a certain amount of money for basic living expenses.
Jackson would get “access to food and shelter on the whims of [Mr. Coan],” his lawyers said in documents filed Monday in U.S. Bankruptcy Court in Hartford, Conn. “The plan violates the Thirteenth Amendment’s prohibition on involuntary servitude,” his lawyers said in a 30-page court papers.
Meanwhile, the Daily Mail reports that, "Last month, he filed documents in the bankruptcy stating he only had $16 million in assets. However, it appears appraisers checked into it all - and found his assets total over $64 million and that he only has liabilities totaling more than $36 million. In addition, 50 Cent's current monthly income is $184,000-plus. The appraisers also valued his home goods to $131,000 including $49,000 in jewelry alone. Appraisers found he has over $10 million in checking and stocks as well as his various G-Unit and other business' which are worth over $44 million."