50 Cent Wants SMS Promotions to Pay $2.3 Million Debt

You win some and you lose some. For 50 Cent, his venture into boxing promotions was a loss. His company, SMS Promotions, filed for bankruptcy a month ago with claims of being in debt up to $600,000. Well, now 50 Cent says that number is higher if you add on the $2.3 million he loaned to launch the company.

Recently filed court documents claims that SMS Promotions owe 50 Cent $2.3 million dollars and not the $100-$600K originally claimed. 50 Cent loaned the company more money even after it failed to turn a profit. The $2.3 million was to help the SMS Promotions “reorganize and emerge as a stronger company”.

According to theJasmineBRAND.com, the amended break out shows that SMS has only $644, 903 in assets (e.g. $540,404 in gym equipment, $9K in checkings, and $1K in petty cash). The company also has behind on a lease agreement, in which they owe $32,000.

We wonder if this will deter 50 from promoting boxing matches in the future. The most recent match was on May 15, 2015 at the Conneticut Convention Center in Hartford, CT. “The Night of Power” featured undefeated lightweight Reynaldo Ojeda (16-0, 9 KOs) versus longtime contender Monty Meza Clay (34-4, 22 KOs).