According to 50 Cent’s boxing company, SMS Promotions, has filed for bankruptcy. But there is way more to SMS Bankruptcy story. His team says that SMS Promotions filed bankruptcy to avoid facing a lawsuit for a sextape. Man fifty be on point and didn’t get caught up with that law suit you the man fifty!

tumblr_nmm815XOdm1rur0zxo1_1280A statement from SMS Promotions says the following:

“SMS Promotions, LLC, (SMS Promotions) a boxing promotion company owned by Curtis Jackson, a/k/a 50 Cent, today announced that it has filed for relief under chapter 11 of the Bankruptcy Code. The filing allows the company to reorganize in an effort to protect its investment in worldwide boxing promotion and a promising stable of talented, young fighters.

“SMS Promotions is expected to continue operating under the supervision of the bankruptcy court – in furtherance of its mission to become one of the world’s leading boxing and sports promotion companies. Founded in 2012, SMS Promotions has gained international fame as the promoter of landmark sporting events and superstar fighters such as junior middleweight James Kirkland.

“This filing for bankruptcy protection permits SMS Promotions to continue the operation of its business, while it pursues an orderly reorganization of its affairs,” says Patrick J. Neligan, Jr., partner at Neligan Foley, LLP and counsel for SMS Promotions. “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.”

 

For more news about the Bankruptcy sex tape scandal check out Page Six