50 Cent’s Boxing Company, SMS Promtions, Files For Bankruptcy
By Sean Crose
Various outlets are now reporting that SMS, the boxing promotional company led by Curtis “50 Cent” Jackson, has filed for bankruptcy in a Connecticut court. Yet the company is apparently making it clear that it has no intention of going the way of the dinosaur. Indeed, SMS reportedly owes no more than half a million dollars. 50 Cent recently won a $1.6 million dollar bet on the Floyd Mayweather vs Manny Pacquiao fight.
Which, of course, leads to the question of why 50 Cent and company have filed for Chapter 11. TMZ has referred to an unnamed attorney for SMS, who claims bankruptcy was merely filed “so the business could reorganize and emerge as a stronger company.” Whether this is true or not remains to be seen.
“Under the direction of Mr. Jackson,” the attorney claimed, “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.”
One thing that most certainly is true is that SMS has not had a stellar track record lately. While Top Rank and Mayweather Promotions hit the proverbial mother lode with the Mayweather-Pacquiao bout, Jackson’s company has recently seen stars James Kirkland and Yuriorkis Gamboa get thoroughly taken out by top level competition. Most recently, SMS hosted a card in Jackson’s home state of Connecticut (he lives in Mike Tyson’s former mansion, just outside of Hartford).
Jackson started up SMS a few years back when he was in thick with close friend, and pound for pound king, Floyd Mayweather. The two had a falling out, however, and so Jackson set out into boxing’s shark infested promotional waters on his own.
Boasting a solid stable which included Kirkland and Gamboa, as well as (at the time) Andre Dirrell, Jackson at least appeared like someone to be taken seriously in the fight game. He might still be yet, truth be told, but he clearly has his work cut out for him.
Perhaps most telling of the current state of 50 Cent’s life is the fact he avoided another courtroom, this one in New York State, by filing bankruptcy for SMS in a federal courthouse in Connecticut. 50 Cent has been sued by one Lastonia Leviston for posting a tape of her engaged in a sexual act online.
To make things all the more classy, 50 Cent reportedly superimposed an image of himself over the gentleman Leviston was with in the tape. 50 Cent is charged with doing so because he wanted to antagonize rapper Rick Ross, who is the father of Leviston’s child.