Rapper Young Buck Bankrupt: To Sell Assets on May 14
After failing to present a viable financial plan to pay off his debt, a judge has ordered Young Buck to sell his assets.
In a sad, yet sobering case of financial ruin, Young Buck is liquidating all of his intellectual property that includes “trademarks and copyrights, all masters, compositions royalties, rights and licenses owned by debtor and all rights of publicity owned by debtor,” as stated in his bankruptcy Chapter 7 documents.
Songs and royalties will go on sale on May 14, at a Nashville, Tenn., auction conducted by the law firm of Harwell Howard Hyne, Gabber & Manner. Young Buck’s intellectual property is on sale as part of the rapper’s bankruptcy liquidation. The U.S. Bankruptcy Court in Nashville still needs to sign off on the auction proposal. Robin Mitchell Joyce, Buck’s attorney, blames 50′s G-Unit for his financial problems:
“One of the biggest problems with Buck’s situation is not only that it’s so complex, but also that he didn’t understand it,” Joyce told The Tennessean. “The money went in and the money went out and Buck’s universe of knowledge about his financial state is a balance on an ATM receipt. … Buck never knew at one point, at several points, that he was a millionaire.”
Reportedly, Young Buck is $11.5 million in debt; $10 million from his former label, G-Unit (in the event of a breach of contract); and 50 Cent filed a $171,000 claim against Young Buck for a 2005 loan.
On March 7, Young Buck was arrested on federal gun charges.