News: Young Buck's Money Problems Delay Cash Money Record Deal
Thursday, Dec 22, 2011 5:21PM
Former G-Unit member Young Buck's financial woes continue to make headlines as reports claim a judge's decision to change his bankruptcy case to a liquidation matter has delayed a Cash Money Records deal.
According to reports, Buck's latest financial matter emerged online this week.
A bankruptcy judge's decision to switch Nashville rapper Young Buck's case from a reorganization to a liquidation is frustrating the multi-platinum rapper's attempts to sign with Cash Money Records and end a contract dispute that has stifled his career since 2008. Judge George C. Paine II signed an order converting the case from Chapter 11 reorganization to Chapter 7 liquidation Wednesday, and Buck, whose real name is David Darnell Brown, stands to lose more than his shirt. The trustee administering his estate has said she plans to sell the trademarked "Young Buck" moniker itself along with other assets. (The Tennessean)
The Memphis-bred rapper also confirmed reports of a Cash Money deal being on the table.
In an interview Wednesday night, an exasperated Buck said the conversion is counterproductive because he is close to signing a recording deal with Cash Money Records that would allow him to pay all his debts and exit bankruptcy orderly. The proposed multi-party deal, independently confirmed by The Tennessean, would have settled Buck's contract dispute with former mentor 50 Cent and his G-Unit Records and shipped him to New Orleans-based Cash Money. Buck is still under contract with G-Unit but has been prevented from recording since 2008 because of a personal falling out with 50 Cent, whose real name is Curtis Jackson. (The Tennessean)
Additional reporting explained the difference between Chapter 11 bankruptcy and Chapter 7 liquidation.
In Chapter 11 bankruptcy, Young Buck had the ability to work with Burton in putting forth a plan that would use his future earnings to pay his creditors. But under Chapter 7, his assets could be sold and distributed among his creditors. Still, he can ask the court to declare certain assets exempt from bankruptcy, allowing him to keep them, and he can also ask the court to release him from certain debts. There will be a meeting for Young Buck's creditors on Jan. 30 in Nashville, court papers show. (Wall Street Journal)
In late November, Buck hinted at plans to join a new record label.
"Hold up deejay, hold up for a minute," Buck said during a concert. "Make some noise in this motherf*cker real quick. Eh looky here, bruh, I would tell y'all who I just signed with, right, but I don't want to spoil the moment. I don't want to spoil the moment. I just want y'all to be like, 'Ohhh sh*ttt. Ohhhh shhh*t.'" (This Is Young Buck)
Check out some recent Young Buck footage below:
For the latest gadgets, gear and giveaways, check out GetFrush.com.