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Young Buck Assets Face Liquidation
Rapper Young Buck is due in court today, where the fate of his assets will be decided by a bankruptcy court.
According to WKRN Channel 2, in Nashville, a number of the rapper’s possessions could be liquidated today (December 20).
The liquidation is an attempt to satisfy his $300,000 thousand debt to the Internal Revenue Service (IRS).
The IRS raided Young Buck’s home in August of 2010 and seized a number of his valuables, including his recording studio.
But Young Buck has had issues paying off the debt, due to his contractual obligations to 50 Cent’s G-Unit imprint.
50 Cent and G-Unit are one of the creditors Young Buck owes money to.
According to Young Buck’s bankruptcy trustee Jeanne Burton, 50 has opposed the rapper’s reorganization plan under Chapter 11, which is forcing the liquidation.
50 is refusing to release any of Young Buck’s new material, because of a $171,000 debt to G-Unit.
During the bankruptcy proceedings, 50 also filed a $10 million breach of contract lawsuit against Young Buck.
In March of 2011, 50 sued to prevent Young Buck from recording for any other label, due to his contractual obligations to G-Unit.
Young Buck, born David Brown, had hoped to reorganize his finances under Chapter 11 bankruptcy protection.
But Jeanne Burton, the trustee for Buck’s estate, recently recommended that he filed Chapter 7, meaning his assets can be liquidated to satisfy his tax bill.
“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 previously filed court papers. “The trustee believes and therefore asserts that there is no reasonable likelihood of reorganization at this point.”
An associate of Young Buck is also accused of diverting performance from the rapper and depositing it into an unauthorized bank account, on behalf of Cashville Records.
Source: allhiphop.com
According to WKRN Channel 2, in Nashville, a number of the rapper’s possessions could be liquidated today (December 20).
The liquidation is an attempt to satisfy his $300,000 thousand debt to the Internal Revenue Service (IRS).
The IRS raided Young Buck’s home in August of 2010 and seized a number of his valuables, including his recording studio.
But Young Buck has had issues paying off the debt, due to his contractual obligations to 50 Cent’s G-Unit imprint.
50 Cent and G-Unit are one of the creditors Young Buck owes money to.
According to Young Buck’s bankruptcy trustee Jeanne Burton, 50 has opposed the rapper’s reorganization plan under Chapter 11, which is forcing the liquidation.
50 is refusing to release any of Young Buck’s new material, because of a $171,000 debt to G-Unit.
During the bankruptcy proceedings, 50 also filed a $10 million breach of contract lawsuit against Young Buck.
In March of 2011, 50 sued to prevent Young Buck from recording for any other label, due to his contractual obligations to G-Unit.
Young Buck, born David Brown, had hoped to reorganize his finances under Chapter 11 bankruptcy protection.
But Jeanne Burton, the trustee for Buck’s estate, recently recommended that he filed Chapter 7, meaning his assets can be liquidated to satisfy his tax bill.
“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 previously filed court papers. “The trustee believes and therefore asserts that there is no reasonable likelihood of reorganization at this point.”
An associate of Young Buck is also accused of diverting performance from the rapper and depositing it into an unauthorized bank account, on behalf of Cashville Records.
Source: allhiphop.com