Fresh reports have just confirmed that American hip hop sensation cum actor, 50 Cent’s Boxing Company, SMS Promotions has gone back to court, asking that his bankruptcy suit be dismissed as he is no longer owing any major creditors linked with the boxing company.
According to the Jasmine Brand, the boxing company, which was included in the rapper’s assets when he filed for the Chapter 11 bankruptcy last year, is asking that the case be dismissed as the company has paid off its major creditors.
SMS promotions reportedly battled it out with its two major fighters, Ryan Martin and Yuriorkis Gambo, both of whom wanted the judge to void their contract and enable them sign on with another company. But the judge insisted that Gambo’s contract was valid, while Martin was released to another company, with income paid to 50 Cent’s company.
Now, SMS promotions have returned to court, asking that their bankruptcy case be dismissed as they are no longer owing creditors. The rapper is yet to make this information public, but it leaves us wondering how long before he files for his entire bankruptcy case to be dismissed.
Recall that in April, he pleaded with the judge, offering to pay $23million over the next five years to all the creditors linked to his various businesses.
And so, with this move he’s made with the boxing company, we wonder how long before the entire case will be dismissed.
Copyright: Fresh Angle International (www.freshangleng.com)
ISSN 2354 - 4104
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