(50 Center lowered to the boxing ring while rapping; via)
The schadenfreude is pretty heavy Tuesday after 50 Cent filed for bankruptcy for his boxing promotion company, SMS Promotions. This is just a note of caution about what it means, what it doesn’t mean and what it might not mean.
It should surprise no one that SMS Promotions has debt of between $100,000 and $500,000. If anything, we should be surprised that it’s not more. The life of a small boxing promoter is hard, especially in the early going.
This doesn’t necessarily mean that SMS Promotions is done for. Oh, it very well could be. While 50 had some good signings early on, he is down to not much beyond James Kirkland, and… does he still have Yuriorkis Gamboa? And his website isn’t encouraging about what kind of energy Fitty’s putting into his company right now. But lots of things go bankrupt and keep existing.
Lastly, this bankruptcy filing might be motivated by some maneuvering in another court case. It’s salacious fun involving 50, Rick Ross, and a sex tape (although not a sex tape featuring the two of them together — it ain’t THAT salacious). Read up.