Rapper 50 Cent says bankruptcy filing is ‘strategic business move’

(EVO) – 50 Cent has filed for bankruptcy protection, reporting debts and assets in the range of $10 million to $50 million. The rapper called the voluntary Chapter 11 filing a “strategic business move” that would not affect fans.

50 Cent saying,

“They won’t see any adjustments. It’ll be the same energy and for me, a lot of people I don’t expect to understand strategic business moves. I’m not, I’m a target. I’m clear on my target and I’m not going to allow myself to fall apart based on little things.”

Lawyers for 50 Cent filed court papers in U.S. Bankruptcy Court under the musician’s real name, Curtis James Jackson III.

It came two months after 50 Cent filed for bankruptcy protection for his SMS Promotions boxing promotion company, and three days after the rapper was ordered to pay $5 million in damages to a woman whose sex tape he posted online in 2009.

50 Cent will next be seen in the movie “Southpaw,” in which he plays a manipulative manager and boxing promoter. It’s due out in U.S. theaters next week.