50 Cent files for Bankruptcy! SMS Promotions (boxing company) in debt for up to $500,000!

50 Cent files for Bankruptcy! SMS Promotions (boxing company) in debt for up to $500,000!

The following 50 Cent news comes courtesy of TMZ!

"Huge blow for 50 Cent's boxing company SMS Promotions -- TMZ Sports has learned the rapper's company has just filed for bankruptcy ... though it vows to stay in business. 

50 started SMS Promotions back in 2012 ... and signed some pretty big names in the sport, including then-undefeated champion Yuriorkis Gamboa, James Kirkland and Olympic medalist Andre Dirrell.

But apparently, the boxing biz hasn't been as kind to 50 as it has been to others like his pal Floyd Mayweather ... because according to court docs obtained by TMZ Sports, the company filed for Chapter 11 on May 25th.  

In court docs filed in Connecticut, SMS says it has between $100k and $500k in debts. 

SMS just put on a fight in Connecticut on May 15th -- though it clearly wasn't enough to turn the company around. 

An attorney for SMS Promotions says 50 -- aka Curtis Jackson -- made the decision to file so the business could reorganize and emerge as a stronger company. 

"Under the direction of Mr. Jackson, SMS Promotions looks forward to reorganizing as a new corporate entity and becoming one of the leading promotion companies in the world of professional boxing.”

Read more: http://www.tmz.com/2015/05/26/50-cent-boxing-company-goes-bankrupt-sms-promotions/#ixzz3bIAf3QvA


Here's my opinion!

Broke people who know nothing about money nor business think this means 50 Cent is going broke!
However, a lot of the time when people file for bankruptcy, they're merely protecting what they have!
50 Cent knows exactly what he's doing. He's a smart business man. He has money and he's wisely reforming the business so it can be the best the world has seen! I believe he can do it!

Do you?

Let me know what you think about it all below!
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