According to Law360, Mitchell Green — a former brand manager for Sire Spirits — attempted to do what’s called a “homesteading” of his property in Connecticut to protect it from being sold off to satisfy the judgment against him. The homesteading exemption was passed in Connecticut in 2021, and protects homeowners for up to $250,000 in the event of a bankruptcy filing.
Green filed for Chapter 7 bankruptcy — which is known as the liquidation bankruptcy, and requires “the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors,” per the United States Courts — and attempted to put his home under that homesteading protection.
But 50 Cent, through his attorney James Berman of Zeisler & Zeisler PC, opposed the homesteading protection on Thursday (June 22), and began what’s known as an adversarial proceeding to oppose any efforts made by Green to discharge of the company’s monetary claims against the disgraced employee.
What’s more, Berman argued that Green’s Connecticut home didn’t qualify for a homesteading protection because the claim that Sire Spirits made against Green predated the passing of the 2021 Connecticut homesteading exemption.
Berman also argued that Green’s home wasn’t entitled to homesteading protection because Green used funds embezzled from Sire Spirits to improve upon his home — thus making it part and parcel of an ongoing crime.
“Sire Spirits’ claim arose prior to the effective date of the legislation, and the $250,000 exemption should not be applied retroactively,” the company said in its filing. “Further, the Debtor used embezzled funds to improve his residence. Any homestead exemption should not be effective to the extent of the use of the embezzled funds on his residence.”
U.S. District Judge John P. Cronan affirmed the ruling, but Green is still appealing the verdict. Until the final verdict is certified, however, Green’s home is safe — and any money made from the sale of the home has to go through Kara S. Rescia, the trustee for the case, and affirmed by Steven E. Mackey in the Office of the U.S. Trustee, before it ultimately hits Fif’s pockets.
Back in March, the court demanded that Green pay a total of $6,283,598.50 in compensatory damages, plus pre-and post-judgment interest.
Additionally, the Power mogul is also suing Michael Caruso, who reportedly concocted this scheme with Green by claiming to have a connection with the Taittinger champagne family, which proved to be fabricated. Per the original lawsuit, Caruso and his wife reportedly invoiced Green for their cut of the profit.
Sire Spirits are suing the Carusos, his employer Beam Suntory, and others for unspecified damages as well.
That same month, 50 Cent revealed plans to seize Green’s property upon his court victory, and elaborated on what the plans for said property will entail.
Taking to Instagram, the G-Unit mogul shared a screenshot of Green’s house along with a report about him taking it, and added his additional plans in the caption. “I think i’m gonna put Epoxy floors in this place,” he wrote. “I’m gonna keep it and his family pictures around, you know as a theme for the place. LOL.”