Watch For The Hook: 50 Cent’s SMS Promotions Files For Chapter 11 Bankruptcy
BY: John “Hennry” Harris
Curtis “50 Cent” Jackson has become known for his successful business ventures as much as he is known for his groundbreaking music.
In 2012, 50 Cent launched SMS Promotions, a boxing promotion company, which as you may recall, sparked a disagreement between he and Floyd Mayweather Jr., because it placed the two friends in direct competition with each other.
The Queens, NY rapper’s rep sent a statement to Billboard announcing that SMS Promotions has filed for Chapter 11 bankruptcy as it plans its return.
Court documents filed in Connecticut claim that the company is between $100,00 and $500,000 in debts.
“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,” the attorney says, per TMZ.
The statement reads:
“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.”
There is little question that 50 Cent will bounce back and bring SMS Promotions back to prominence. I really wonder if the bankruptcy is a result of 50 Cent’s business decisions or the lackluster state of the sport of boxing.
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