Showing posts with label Bankruptcy. Show all posts
Showing posts with label Bankruptcy. Show all posts

Monday, July 13, 2015

Is He Not Worth At Least 50cents?

Is He Not Worth At Least 50cents?

July 13, 2015 50 Cent , Assets and Liabilities 0 Comments

50 Cent Files For Bankruptcy Protection

By Patrick Eaton-Robb, July 13, 2015 ABC News

The rapper 50 Cent, known for the album "Get Rich or Die Tryin','" has filed for bankruptcy.

The artist, whose real name is Curtis Jackson III, filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Hartford on Monday, days after a jury ordered him to pay $5 million in an invasion-of-privacy lawsuit. He owns a 50,000-square-foot mansion in nearby Farmington.

The filing lists both the assets and liabilities for the rapper and actor as between $10 million and $50 million and indicates his debts are primarily consumer and not business related.

The filing comes after a New York jury on Friday ordered Jackson to pay $5 million to a woman who said he acquired a video she made with her boyfriend, added himself as a crude commentator and posted it online without her permission.

Read More: http://abcnews.go.com

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Wednesday, July 1, 2015

"Could Head Down Greece's Path..."

July 01, 2015 Associated Press , Bankruptcy 0 Comments
Economists Say Puerto Rico Needs Right To Bankruptcy Option

By Danica Coto, Jul. 1, 2015, Associated Press

SAN JUAN, Puerto Rico (AP) -- Puerto Rico's troubled power company has been forced to sell bonds once again to obtain capital and avoid defaulting on a $415 million debt payment due Wednesday with a worsening economic crisis in the U.S. territory.

The Electric Power Authority said in a statement that it paid $153 million in cash and the remainder from its debt service reserve accounts. In turn, creditors agreed to buy $128 million worth of new bonds to provide liquidity, and those bonds have to be paid in full by December.

"We are pleased we were able to reach an agreement that allowed us to make the payment to our bondholders today and avoid a default," said Lisa Donahue, the company's chief restructuring officer.

A bondholders' group said it agreed to extend a debt payment deadline to Sept. 15. But it warned that the agreement will automatically end if a deal to restructure the heavily indebted power company is not reached by Sept. 1.

More: www.ap.org

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Saturday, November 22, 2014

Parents handled his $

November 22, 2014 Aaron Portzline , Bankruptcy 0 Comments
Blind-sided: Blue Jackets’ Jack Johnson Is Bankrupt; Who Led Him There Is Biggest Shocker

Aaron Portzline, Nov. 20, 2014, Columbus Dispatch

On the morning of Oct. 7, two days before the Blue Jackets opened the 2014-15 season, Jack Johnson left his Ferrari parked in the garage of his Dublin apartment and drove his BMW to a federal courthouse Downtown to file for bankruptcy.

Johnson has earned more than $18 million during his nine-year NHL career, not including the $5 million he will be paid this season by the Blue Jackets.

Read more: bluejacketsxtra.dispatch.com

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Wednesday, April 16, 2014

Detroit Bailout: Obama, Michigan In Talks To Free Up $100M To Aid Detroit Pension Deal --Mismanage and get bailed out

April 16, 2014 Bailout , Bankruptcy 0 Comments
Credit:  Reuters / Rebecca Cook
By Matt Helms, Stephen Henderson and Todd Spangler, Apr. 16, 2014

The Obama administration and state officials are in discussions on a deal that would free up an additional $100 million to soften the blow to Detroit pensioners, two people familiar with the talks told the Free Press late Tuesday.

The two sources, who spoke on condition of anonymity because they weren’t authorized to disclose the information, confirmed that there have been talks about the federal government supporting a move by the state to give Detroit $100 million in federal money for blight remediation. That, in turn, would free up $100 million of the more than $500 million that emergency manager Kevyn Orr planned to spend for blight removal over the next 10 years. Orr could then use that money to reduce pension cuts.

The federal funds would come from the Hardest Hit Fund, a $7.6-billion Obama administration effort established in 2010 to help the 18 states most hurt by the housing downturn. Read the full story:  www.freep.com


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