50 Cent
Bankruptcy
Rapper Young Buck's Name May Be Sold Off In Bankruptcy Case!
December 27, 2011GWL Staff
Former G-Unit member Young Buck’s battles with the government appear far from over as new reports claim his trademarked name may diminish in light of a current bankruptcy/liquidation case.
Last week a federal bankruptcy judge signed an order moving the Nashville rapper's case from reorganization to liquidation, meaning that all his assets will be sold off to meet claims from creditors. Come inside to read more..........
With that decision on the books, the trustee administering his estate said she plans to sell the trademarked “Young Buck” moniker itself along with other assets, reports The Tennessean.
Young Buck, real name David Darnell Brown, is arguing he needs his name as he attempts to sign a new deal with Cash Money Records, the huge label Nicki Minaj calls home.
But the court is more concerned with settling the $11.5 million in outstanding debts, including one for $10 million to former mentor50 Cent and his G-Unit Records.
The new bankruptcy order doesn't go into effect until January 10, and there's still a chance Buck's lawyers can change the judge's mind, but it appears unlikely given that the trustee is insisting that the Young Buck trademark is an asset worth selling off.
The rapper also owes back income taxes and child support, and has numerous unsecured creditors.
Buck also is facing a pending federal criminal charge of being a convicted felon in possession of a gun and ammunition. The case is scheduled to go to trial in April.
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