This week, Curtis James Jackson, III ("50 Cent" or "Debtor") sought to employ several professionals to assist him with his chapter 11 bankruptcy.  The Debtor is seeking to employ two firms as his bankruptcy counsel:

  • Neligan Foley LLP ("NFL") – 50 Cent wishes to employ NFL as his bankruptcy counsel (Docket Entry 34) to develop, propose, and consummate a plan of reorganization or liquidation, along with customary bankruptcy professional services.  The Debtor proposes to pay NFL their customary hourly rate for services rendered, ranging from $395 to $675 per hour for NFL partners and $130-$350 for NFL paralegals and associate attorneys.
  • Zeisler & Zeisler, P.C. ("ZZP") – The Debtor also seeks to employ ZZP as bankruptcy counsel (Docket Entry 40), the same firm representing SMS Promotions, LLC ("SMS") (50 Cent is the manager and sole owner) in its chapter 11 bankruptcy.  The Debtor proposes to pay ZZP their customary hourly rate for services rendered, ranging from $395 to $475 per hour for ZZP partners and $175-$375 for ZZP paralegals and associate attorneys.

The Debtor further seeks to employ a financial advisor/accounting firm and litigation and intellectual property counsel:

  • GSO Business Management, LLC ("GSO") – In his application to employ GSO (Docket Entry 27), 50 Cent indicates that his "bankruptcy filing is not primarily a result of excessive current expenses exceeding his current revenues, but rather the substantial costs of litigation and resulting awards against him the past year which exceed in excess of $20 million."   GSO performed financial advisory and accounting services for 50 Cent and all his related entities prior to the bankruptcy filing and he seeks to continue to employ them post-bankruptcy filing in that role and, among other services, to assist him with negotiations with creditors and other parties in interest, preparation of bankruptcy schedules and his statement of financial affairs, preparation of monthly operating reports, and analysis of financial data necessary to obtain confirmation of the a plan or reorganization/liquidation or consummation of a settlement.  50 Cent proposes that GSO will be paid $30,000 by G-Unit Records, Inc. for financial and accounting services and hourly by the Debtor for litigation support and testimony services.
  • Robins Kaplan LLP ("RKL") – RKL (Docket Entry 32) will  to continue to represent the Debtor going forward with trademark maintenance and protection and  several litigation matters RKL was handling prior to the bankruptcy filing, including litigation between 50 Cent and/or his businesses with Sleek Audio, Lastonia Leviston, Andrew Jameson.  50 Cent proposes that RKL be paid pursuant to their pre-bankruptcy engagement letters, except for certain fee caps and fee reductions as outlined in the application.

So far, there has not been any opposition to the employment of these professionals.

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