Like many of you, I was extremely disheartened by the news that one of my longstanding heroes, DMX is down to approximately $50 in cash. He is stating under perjury of law (and we all know how much DMX hates jail) that he has nothing left – all his assets are tied to other liens.
See the following article from the WSJ:
In a real-life situation that sounds more like a tired old country song than the latest hip-hop single, rapper DMX has $50 in his pockets and nothing in the bank.
New court filings in the bankruptcy case of Earl Simmons, aka DMX, show the rapper has little to report in the way of assets as well as expenses that exceed his monthly income.
One of the top-selling hip-hop artists ever, DMX now says he’s down to $50 cash on hand. Not only does he report, under penalty of perjury, that he has zero dollars in the bank, but he also denies having any personal property of value—no electronic equipment, no jewelry, no clothes and no cars.
Besides the $50 cash, DMX says the rest of the $1.4 million in assets to his name are tied to pending litigation and other claims.
The rapper’s debts include more than $1 million in unpaid domestic-support obligations that, as Bankruptcy Beat readers will recall, precipitated his Chapter 11 bankruptcy filing in July, as well as more than $453,000 owed on a mortgage to a property in Mount Kisco, N.Y. His unsecured creditors are owed another $479,000.
As for his monthly budget, DMX is spending more than he’s earning. Court papers show the rapper’s estimated monthly income is $5,000, but monthly expenses are $5,221 (including $1,000 on clothing and $500 on laundry and dry cleaning).
DMX’s bankruptcy attorney couldn’t immediately be reached Thursday afternoon to comment.
The White Plains, N.Y., bankruptcy court has scheduled an Oct. 8 case conference for DMX’s bankruptcy, but the rest of us can catch him on an upcoming appearance on “Dr. Phil.”
Sure – several of my close relatives have passed away from some heart wrenching diseases recently – but I’m thinking we need to raise some money for X… I mean – he has given us so much. This is a cause I can really believe in!
I want to save him from financial ruin for many reasons – but mainly for the safety of all of our plates. He warned us what happens if he isn’t properly fed and his ribs start touching… Do you want him to fuck around and bite us? I don’t think so.
Speaking of ribs that touch – look at me all healthy eating ribs too.. I’m well fed and nourished, ready to take on the whole empire by myself:
We’ve really all been eating long enough – it’s time to stop being greedy. We need to keep it real, and give to the needy! X we’re gon give it you!
I’m making a special trip to Boston on October 13th to plan a DMX Fundraiser at the GoodLife.