Young Buck Facing Liquidation To Pay Back His Creditors!
[lastfm link_type="artist_info"]Young Bucks[/lastfm] creditors may be getting payment for his debts in the form of a liquidation of his assets. Unless an agreement can be made between Buck, [lastfm link_type="artist_info"]G-Unit[/lastfm] and [lastfm link_type="artist_info"]50 Cent[/lastfm] to produce and distribute music so that a source of income can be established.
According to HiphopDX.com:
After filing for bankruptcy last year, Young Buck is facing liquidation as his bankruptcy trustee says that he “no longer has a viable shot at reorganizing.”
According to Wall Street Journal, the rapper, whose real name is David Darnell Brown, originally filed for Chapter 11 bankruptcy but is now in danger of facing Chapter 7 liquidation. If the motion is filed, then Young Buck’s assets will be sold and distributed among his creditors.
His Chapter 11 trustee, Jeanne Burton, has been working since January to help Buck exit bankruptcy. The two filed a plan that would have modified his recording contract with 50 Cent’s G-Unit Records and distribution contract with Universal Music Group. Both G-Unit and UMG opposed the plan, as Fif and Buck “remain in disagreement” on each side’s obligations.
“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,” said Burton in papers filed last week. “The trustee believes and therefore asserts that there is no reasonable likelihood of reorganization at this point.”
This just goes to show you up and coming artist how cruel the people in the record industry can be, and how important it is to have an financial education to help you make better choices on how to spend your money.