Curtis “50 Cent” Jackson Is Backing Facebook Competitor, Tsu
Rapper 50 Cent is tired of his financial affairs being the subject of headlines around the world, thanks to his recent bankruptcy filing.
So Fif just filed a motion to restrict public access to his business contracts and investment agreements, in his ongoing bankruptcy case.
50 filed for bankruptcy in July 2015, as a result of the substantial cost of litigation and rewards against him in the past year, which total more than $20 million.
Earlier this year, Rick Ross‘ ex-Lastonia Leviston won a $5 million judgement against 50 over a leaked sex tape.
He was also ordered to pay a $17 million judgment over a lawsuit regarding his headphone company, Sleek Audio.
In bankruptcy documents obtained by CollegeHipHop.com, 50 admits that he has substantial assets, but not enough cash to pay the multiple judgments against him.
Now in the latest legal briefing, 50 is trying to prevent the details of those various investment agreement from becoming public.
50 and his lawyers are seeking the authorization to file his investment agreement between a company 50 controls called CJ Networks and a Texas-based company named Evacuation Complete, under seal.
EC is the company behind the online social networking site Tsu, an invite-only platform that was founded in 2013. The platform pays users a piece of revenue each time they update their status. The company suffered a setback in September, when their links were banned from Facebook.
“No entertainer wants terms of its investment contracts made public because the results of that disclosure would be disastrous by giving competitors an inside look at the entertainers investment strategy,” the legal filing reads.
Furthermore, making the documents public would give 50’s competitors an unfair advantage “allowing them to benefit from the investment due diligence already undertaken by the entertainer and it’s professionals.”
Because of this, 50 and his lawyers say it “makes sense to protect the debtor’s ability to enter those contracts by maintaining the confidentiality of his past and current investment contracts.”
According to 50’s lawyers, if the details of the Tsu contract become public, it could put the rest of his agreements in jeopardy.
“Those contracts must be protected so that the value of the debtor’s investment in EC is preserved. This can be accomplished by permitting the debtor to file the EC agreement under seal if at all.”
Check out the documents for yourself.