Young Buck Faces Liquidation
According to Chapter 11 trustee Jeanne Burton, 50′s lack of interest in reworking Buck’s recording contract has ultimately hurt the Memphis rapper.
“At this time, because no agreement has been reached with G-Unit and Curtis Jackson regarding either assumption or rejection for the recording agreement and/or the publishing agreement, the first amended plan cannot be confirmed,” Burton said in court papers filed last week. “The trustee believes and therefore asserts that there is no reasonable likelihood of reorganization at this point.” Further hurting Young Buck’s case, Burton said, is the misappropriation of some of the rapper’s funds. The trustee said that during the bankruptcy, she became aware that “a former acquaintance” of the rapper had his performance or appearance fees wired to an unauthorized bank account opened for one of Young Buck’s companies. Unauthorized payments were then made from this account, Burton said, and haven’t been recovered while the whereabouts of that former acquaintance remain unaccounted for. (Wall Street Journal)
Last year, Buck confirmed reports claiming he filed for bankruptcy.
“I was forced to file bankruptcy, not because I am broke. ” Young Buck said in a statement. “But because I have to get my finances back in order and deal with the contract situations I was in. Now I have a clean slate and full control over my own life and career.” Young Buck also shot down reports that he would be filing a lawsuit against 50 Cent, G-Unit and former manager Sha Money XL. “Where did that rumor come from?! I have not filed suit against anyone, although, maybe that’s not a bad idea.” (All Hip Hop)
In April, 50 spoke on feeling betrayed by Young Buck.
“Let me explain something to you: If it was up to me there would be G-Unit South. Young Buck would be running that. I told him to run with that. When I did that, it was for him to present himself as a bigger artist to the Southern community. Game — I wish nothing but the best for Game. As far as Black Wall Street is concerned, he did that prematurely. Then he turned around and told me to kiss his a**. If you can interpret that as me trying to keep them under my wing, that’s just a f*cked-up interpretation.” (VIBE)
In addition to his financial crunch, Buck was arrested earlier in the year over a gun possession charge.
A notorious rapper from Nashville is in trouble again. Young Buck, whose real name is David Darnell Brown, is facing federal charges for being a convicted felon in possession of a firearm and ammunition. Channel 4 was the only station in federal court Monday afternoon when the rapper was brought in in handcuffs to appear before the judge. As the indictment spells out, these latest charges could mean ten years in prison. He’s now facing federal charges. According to an indictment unsealed Monday, he’s charged with being a convicted felon in possession of a .40-caliber pistol and ammunition. Federal authorities say all this happened on or about Aug. 3. (WSMV News)