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Claims Against Young Buck Total $11.5 Million; $10 Million From G-Unit
Young Buck's troubles continue to deepen, as claims against the rapper have reached $11.5 million, with $10 million of the claims coming from his former label, G-Unit. (March 21st).
According to The Tennessean, G-Unit Records has filed a $10 million claim against former artist Young Buck in the event that he breaches his contract with the label, in his ongoing bankruptcy case.
Rapper 50 Cent has also filed a $171,000 claim against Young Buck, claiming he loaned his former artist $300,000 in 2005.
In all, Young Buck has 14 claims against him in the bankruptcy proceedings, which total a whopping $11.5 million dollars.
Young Buck's lawyer Robin Mitchell Joyce blamed some of Young Buck's financial troubles on the deal he signed with 50's G-Unit imprint.
She claims that G-Unit managed Young Buck, handled all of his business, provided legal counseling and acted as his booking agent.
This could have put anyone working with Young Buck in danger of running afoul of 50 Cent, especially after the two men began to feud.
"One of the biggest problems with Buck's situation is not only that it's so complex, but also that he didn't understand it," Joyce told The Tennessean. "The money went in and the money went out and Buck's universe of knowledge about his financial state is a balance on an ATM receipt. … Buck never knew at one point, at several points, that he was a millionaire."
According to Joyce, she has submitted a $500,000 budget for a new album since Young Buck is technically still signed to the label, although his releases through G-Unit have been put on hold.
Joyce believes the label must either approve the budget and release Young Buck's third album for G-Unit or let him out of his contract.
Young Buck is also facing 10 years in prison over a federal gun rap after a March 7th arrest, which accused the rapper of illegally being in possession of a gun in August of 2010.
He is free on $100,000 bail.
Source: allhiphop.com
According to The Tennessean, G-Unit Records has filed a $10 million claim against former artist Young Buck in the event that he breaches his contract with the label, in his ongoing bankruptcy case.
Rapper 50 Cent has also filed a $171,000 claim against Young Buck, claiming he loaned his former artist $300,000 in 2005.
In all, Young Buck has 14 claims against him in the bankruptcy proceedings, which total a whopping $11.5 million dollars.
Young Buck's lawyer Robin Mitchell Joyce blamed some of Young Buck's financial troubles on the deal he signed with 50's G-Unit imprint.
She claims that G-Unit managed Young Buck, handled all of his business, provided legal counseling and acted as his booking agent.
This could have put anyone working with Young Buck in danger of running afoul of 50 Cent, especially after the two men began to feud.
"One of the biggest problems with Buck's situation is not only that it's so complex, but also that he didn't understand it," Joyce told The Tennessean. "The money went in and the money went out and Buck's universe of knowledge about his financial state is a balance on an ATM receipt. … Buck never knew at one point, at several points, that he was a millionaire."
According to Joyce, she has submitted a $500,000 budget for a new album since Young Buck is technically still signed to the label, although his releases through G-Unit have been put on hold.
Joyce believes the label must either approve the budget and release Young Buck's third album for G-Unit or let him out of his contract.
Young Buck is also facing 10 years in prison over a federal gun rap after a March 7th arrest, which accused the rapper of illegally being in possession of a gun in August of 2010.
He is free on $100,000 bail.
Source: allhiphop.com