New York rapper Tony Yayo has spoken out on Young Buck‘s recent financial setback, as his former G-Unit groupmate will have his prized possessions auctioned off by the IRS.
During a on-air conversation with radio personality DJ Whoo Kid, the “Talk of New York” admitted to having sympathy for Buck.
“I feel sorry for the guy,” Yayo said about Buck’s financial woes. “It’s tough times right now. They had plaques up there, they had plaques up there [at the auction.] I’m talking about the record label plaques. Yeah, they had everything up there. They said Omarion got a $100,000 [in tax debt]. I think it’s about having the right people in your corner. One thing about G-Unit label, we always had accountants to take care of taxes. That’s one thing I can say about 50 Cent, he taught us a lot. With the tax thing, I learned everything I know from having accountants on the G-Unit staff…50 does give you talks about your money and the right thing you should do with your money. And he keeps it real about it. Instead of buying a new car or chains, he might say to invest in something. That’s the smartest thing to do for anybody to do in this industry…That’s one thing Buck did have, 50 did guide us the right way. If you spend a $100,000 in a matter of weeks, of course a guy with intelligence that’s your boss is gonna call you and say, ‘Yo, you’re spending a lot more money than I am and I have way more money than you.’ I think that’s what the issue comes down to…” (Shade 45)
Buck’s auction is reportedly scheduled to take place this week.
On Oct. 28, the IRS will auction off dozens of items once owned by Nashville-area rapper Young Buck. Among the items: several gold and platinum records for his own work and collaborations with rapper 50 Cent, several pieces of fine art, multiple LCD and plasma televisions, designer watches and an assortment of faux-fur coats. For the more discriminating decorators, you can pick up pictures of Al Pacino and rapper Tupac, a “marijuana leafpicture”, three Royal Copenhagen white bear figurines and a 3-foot white and silver Santa Claus decoration. (The Tennessean)
Buck’s ex-manager Bruce Seckendorf recently addressed the rapper’s tax issues.
“I totally knew what he owed the IRS and I was keeping them at bay,” Seckendorf explained in an interview. “Buck let me go on or about March 15, 2010. Around that same day he retained [another] business manager/accountant…I sent an email [to the new person] saying David Brown owes this money to the IRS. You need to address immediately… I’m paraphrasing, but [I wrote] don’t ignore it, you need to attend to it.” (XXL Mag)
After having his possessions seized by IRS agents in August, Buck filed for bankruptcy.
David Darnell Brown, who performs under the stage name Young Buck, filed for protection under Chapter 13 of the bankruptcy code earlier this month. The filing came soon after IRS personnel carried out an early-morning raid on Brown’s lakeside home in Hendersonville, seizing much of his personal property. The bankruptcy petition came to light Monday after Nashville’s U.S. District Court lifted the seal it had placed on court filings related to the August 3 seizure. The Chapter 13 process, designed to allow individuals to restructure their debts, automatically halts efforts by any creditor — even the IRS — to collect on debts owed by the person who files. Creditors can ask the bankruptcy court to lift the stay against them on certain grounds, allowing them to move against the debtor. The tax authority claims Brown owes it about $305,000 for taxes due between 2006 and 2008, including penalties, interest and collection costs. (Nashville Scene)
Check out Tony Yayo speaking on Young Buck below: