Bankruptcy Judge Orders Young Buck Into Liquidation

As Bankruptcy Beat previously reported, trustee Jeanne Burton in October concluded that Young Buck (real name: David Darnell Brown) didn’t have a viable shot at reorganizing. Burton came to this conclusion after spending months reviewing Young Buck’s financial situation and helping him to craft a bankruptcy-exit plan. But in the end, it all came down to fellow rapper and former mentor 50 Cent.

That’s because Young Buck’s plan counted on his ability modify a recording agreement with 50 Cent’s G-Unit Records and a distribution agreement with Universal Music Group. The revamped agreements would provide the revenue needed to pay off Young Buck’s creditors, according to the plan. However, G-Unit and Curtis Jackson (aka 50 Cent) opposed the plan, and Burton said both G-Unit and Universal aren’t willing to modify the agreements.

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.

As the rapper’s Twitter feed would have it, perhaps there may be some cash for creditors. He declared that he “Made more #Money than my whole Career in 7 days!!!” in a Nov. 30 tweet, which he followed up the same day by claiming “And just for the #Haters sake, I DON’T OWE NOOOBODY S*@$!!! Not even who u thank I OWE!!!”