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50 Cent is currently pushing his SMS headphones line, but before those came out, the hip-hop mogul has partnered with a company called Sleek Audio LLC for the release of Sleek By 50 headphones line, making an initial investment that, he claims, was supposed to be paid back and wasn't.
Their relationship fell apart for some reason, and Fif is now suing them, over an unpaid $285,000 promissory note that he lent to the company in 2010, reports The Miami Herald.
The rapper originally announced his partnership with Sleek for his "Sleek by 50" wireless headphones line in January 2011, but the deal went sour by May with some sort of disagreement behind the scenes.
50 claims Sleek Audio agreed to make payments on the loan once it reached $750,000 in revenue, an amount that was apparently met in February 2011. However, after he partnered with SMS Audio, Sleek claims that the initial loan was nullified since he took the idea to a competitor, and "purposely omitted and misstated information during their negotiations with intent of fraud," according to the suit.
"Sleek would have never borrowed money from [Curtis] Jackson or allowed him to invest in its company, had it known that Jackson would ultimately use this tactic (of misusing the money) to steal its design, technology and headphones," the company said in an un-sworn court statement.
50's camp says they've tried to recoup the money in March 2011, but the company "essentially refused" by making itself unavailable to meet.
In addition to asking for his advance money returned, in the lawsuit, 50 is demanding $61,429 in back interest, as well as an additional 15% for any unpaid debt moving forward, and legal fees connected to this issue.
