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50 Cent’s ‘SMS Promotions’ Files For Bankruptcy

Posted on May 26th, 2015
by
Staff Editor

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Things are not looking too good for 50 Cent in the sports department. According to Billboard, 50 Cent‘s SMS Promotions has filed for bankruptcy. SMS promotions is a boxing promotion company that used text messages to help improve engagement with customers and promote matches. The company apparently experienced lack of business, combined with financial hardship and lack of support from investors.

As firms like Adam Law Group would tell you, filing for bankruptcy does not necessarily mean the end of 50 Cent’s company. His business will enter a period of assessment and restructuring which may result in the company bouncing back. Filing for bankruptcy can be a long process and be very draining to the business, so it is far too early to speculate if SMS promotions will survive or not. Neither is it known if 50 Cent is using a bankruptcy lawyer San Diego to manage the process, but it is evident that he has filed chapter 11 at this time.

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.”

TMZ Sports claims they were able to obtain court documents that SMS Promotions the company filed for Chapter 11 on 5/25/2015 in Connecticut. They’re reportedly in $100,000-500,000 worth of debt. Yikes! As they continue to find a way to deal with this new development, many wonder what steps will be next for him. Some of his closest friends are worried that this may have long-lasting repercussions for 50 Cent. In light of the news, it was stated that he was already searching for specialist bankruptcy lawyers to help with his case, which they hope will help him with this issue.

50 Cent launched SMS Promotions at the end of 2012, shortly after him and boxer Floyd Mayweather parted ways from their company, The Money Team. SMS Promotions signed four fighters including Yuriorkis Gamboa, Andrew Dirrell, Billy Dib and Celestino Caballero.

We’ll keep you updated on any more information..

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