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| 50 Cents Short |
| April 16, 2003 |
| After a quick rise to fame and fortune, rapper 50 Cent declared bankruptcy Tuesday. The artist, widely known for his hit single, "In The Club", was reportedly packing up his Southern California mansion and was in no mood for "partying like it's your birthday." Trevon Banks, 50 Cent's accountant, said the rapper owed $20 million to Interscope Records, his current record label. "We're currently in negotiaions with Interscope regarding the matter," he said. "Apparently there's a mix-up in terminology. We must first define the words, 'financial advance'". The performer of the album, "Get Rich or Die Tryin", purchased his $12.5 million Malibu mansion in January and spent millions more filling the garage with pricey sports and luxury cars, according to People Magazine. Last week, as funds ran low, his diminishing automobile collection was streamlined to a Mercedes S-Class, which was then traded in for a used 1998 Toyota Tercel. Financial trouble began in late January for 50 Cent, when the Euro began to gain ground on the U.S. dollar. A slide on the dollar's value in comparison to the Japanese Yen compounded his financial woes. By February, he was reportedly worth merely 12 cents. The financial "mix-up" with Interscope Records forced the rapper to declare Chapter 13 Bankruptcy-- Debt Restructuring. This is not the first time a famous musician has encountered monetary troubles due to recording contract semantics. Rap star M.C. Hammer's fall from glory reflected similar characteristics. Hammer, now residing in suburban Tracy, Calif. didn't realize that an "advance" was a loan. Fifty-Cent was last spotted selling tapes of his new material on Sunset Boulevard exit of Southern California's Highway 405. He declined to comment. |
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| PLUNGING EXCHANGE RATES DECIMATE VALUE OF RAPPER 50 CENT |