News: Young Buck's Jewelry, Recording Equipment & More Go Up For Auction By IRS
Tuesday, Jul 10, 2012 4:35PM
Rap fans hoping to get their hands on some Young Buck goods will have their chance later this month when the IRS (Internal Revenue Service) holds an open auction.
A preview of the goods, which includes jewelry and recording equipment, will be available on July 25th.
The agency said the sale will be held in Nashville and a preview of the merchandise is scheduled for July 25. The items can also be seen online here. In December, a U.S. Bankruptcy Court judge in Nashville converted the bankruptcy of David Darnell Brown - the rapper's legal name - from a Chapter 11 reorganization to a Chapter 7 liquidation. The trustee administering his estate said she planned to sell the trademarked "Young Buck" name along with other assets seized for non-payment. Creditors submitted claims totaling $11.5 million, including $10 million that the label G-Unit Records said Buck owed them over a contract dispute. (WRCB TV)
In April, Buck's ex-boss 50 Cent tried to block the sale of Buck's assets so he could straighten out what actually belongs to him.
Attorneys representing 50 Cent and his G-Unit Records say a recent motion to sell Young Buck's intellectual property in a bid to pay his creditors, which we previously covered, doesn't disclose the specific assets up for grabs. That's a problem for 50 Cent, who signed Young Buck to his label in 2004, who says their still-standing recording agreement covers just about all of the IP. As a result, the rapper behind such hits as "In Da Club" and "Candy Shop" is asking a bankruptcy judge to block the sale until they can work out just what Young Buck is--and isn't--allowed to sell. (Wall Street Journal)
Recently, the Southern rapper hinted at his G-Unit contractual requirements possibly coming to an end.
"I'ma be honest with y'all. Right now, finally, we're having some kind of negotiations with what we'll be able to do as far as the G-Unit situation. So y'all will be the first ones to hear but I'm able to tell you the wait is over. It's definitely over. I don't want to put a time limit on it, but the wait is absolutely over, and we're just trying to figure out what's the best situation for us far as where am I gonna go. I don't think I'm going to be able to complete the last few albums I have on G-Unit. But hey, at the end of the day, it is what it is. The past is the past and we're living in the present." (Back On My Buck Sh*t)
Buck Marley is also slated to get sentenced in a weapons possession case later this week.
Rapper Young Buck agreed a plea deal with prosecutors to serve 18 months in jail after an IRS raid on his Nashville home in 2010. The "Taking Hits" rapper -- real name David Darnell Brown -- agreed to plead guilty to possessing firearms and ammunition as a convicted felon, TMZ reported. According to legal documents, IRS agents recovered firearms at his home when they went to repossess belongings over an unpaid $300,000 tax debt. They found a .40 caliber Glock 22, along with bullets. Young Buck was convicted of assault with a deadly weapon after he stabbed someone at the Vibe Awards in 2004. As a result, he was prohibited from possessing any firearms. The rapper will be formally sentenced July 13. (My Fox)
Check out some recent Young Buck footage below:
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