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by David P. Greisman - Put aside the jokes about a man nicknamed “50 Cent” being worried about going broke. The rapper born Curtis Jackson is a multi-platinum multimillionaire who built up his bank account through the music industry and bolstered it through other investments.
There was no lack of money behind his fledgling boxing promotional company. The problem was that he lacked “Money” Mayweather.
Floyd Mayweather Jr., the best boxer in the world and the highest-paid athlete in sports, once was expected to join up with Jackson, taking Mayweather Promotions and turning it into a company named after another one of Mayweather’s slogans — “TMT Promotions,” short for “The Money Team.”
That never happened. There was no “Money.” They were no longer a team. And now, three years later, the company that instead was called SMS Promotions has filed in federal court for Chapter 11 bankruptcy.
The filing gives Jackson’s company the opportunity to try to reorganize, work out agreements to pay off debt, modify terms of contracts, and then attempt to emerge as a viable business. It listed between $100,000 and $500,000 in estimated liabilities and between $100,000 and $500,000 in estimated assets. Also checked off was a box indicating that SMS Promotions “estimates that, after any exempt property is excluded and administrative expenses paid, there will be no funds available for distribution to unsecured creditors.” [Click Here To Read More]
There was no lack of money behind his fledgling boxing promotional company. The problem was that he lacked “Money” Mayweather.
Floyd Mayweather Jr., the best boxer in the world and the highest-paid athlete in sports, once was expected to join up with Jackson, taking Mayweather Promotions and turning it into a company named after another one of Mayweather’s slogans — “TMT Promotions,” short for “The Money Team.”
That never happened. There was no “Money.” They were no longer a team. And now, three years later, the company that instead was called SMS Promotions has filed in federal court for Chapter 11 bankruptcy.
The filing gives Jackson’s company the opportunity to try to reorganize, work out agreements to pay off debt, modify terms of contracts, and then attempt to emerge as a viable business. It listed between $100,000 and $500,000 in estimated liabilities and between $100,000 and $500,000 in estimated assets. Also checked off was a box indicating that SMS Promotions “estimates that, after any exempt property is excluded and administrative expenses paid, there will be no funds available for distribution to unsecured creditors.” [Click Here To Read More]
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