By Gil Kaufman
We’ve heard of friendly fire before, but former G-Unit solider Young Buck is taking some serious shots these days. Buck might have to beg for mercy for real soon, as former Unit capo 50 Cent’s refusal to play ball may end up taking the man born David Darnell Brown down.
More than a year after the “Money in the Bank” rhymer filed for chapter 11 bankruptcy protection following an IRS raid on his home seeking $300,000 in unpaid taxes, the Wall Street Journal reported this week that the trustee helping the rapper work his way through the process said there may be no hope of reorganizing his assets.
According to the Journal, trustee Jeanne Burton, who has been working since January to investigate Buck’s finances and cook up a plan to exit bankruptcy, said the only option that appears to be left is chapter 7 liquidation, in which all of Buck’s assets would be sold and distributed to his creditors.
Buck and Burton filed a plan in June that would allow the MC to exit bankruptcy, counting on his ability to modify his recording contract with 50’s G-Unit and distributor Universal Music Group. That plan would have generated enough revenue to pay off Buck’s creditors. But when G-Unit, 50 and Universal rejected that plan and declined to modify their agreement, Buck’s options got slim.
“At this time, because no agreement has been reached with G-Unit and Curtis Jackson regarding either assumption or rejection for the recording agreement and/or the publishing agreement, the first amended plan cannot be confirmed,” Burton reported in court papers filed last week. “The trustee believes and therefore asserts that there is no reasonable likelihood of reorganization at this point.”
In other words, since Buck and 50 can’t see eye-to-eye, the Straight Outta Cashville rhymer may be headed for the poorhouse.
The Journal added that the “Get Buck” singer’s case was not helped by the trustee’s discovery of some misappropriation of his funds. An unnamed “former acquaintance” of Bucks’s allegedly wired his performance or appearance fees to an unauthorized bank account opened for one of Buck’s companies. Unauthorized payments were later made from this account according to Burton, and those funds haven’t been recovered as the former pal has vanished.
On top of his financial problems, Buck pleaded not guilty to felony gun possession charges in Nashville in March, stemming from the IRS raid in which officials allegedly discovered a .40-caliber pistol and ammunition belonging to the rapper.