RAPPER YOUNG BUCK FILES FOR BANKRUPTCY, MAY LOSE NICKNAME

13 Jan

You remember the hip-hop group called G-Unit, headed by rapper-turned-actor 50 Cent?  Since their rise to fame, one of its members has fallen on tough times and is currently in the midst of a Chapter 7 bankruptcy filing.

Young Buck was born David Darnell Brown. His participation in the aforementioned group and the recording label of the same name allowed him to become a multiplatinum music star and surely allowed him to gain a considerable amount of money. But now that he has filed for bankruptcy, some are wondering what went wrong and how bad it will be.

The man apparently owes the Internal Revenue Service for unpaid taxes and also owes child support to a former partner. On top of all of this, reports indicate that he owes more than $10 million to G-Unit Records and 50 Cent!

Currently, the recording label and 50 Cent are in a contract dispute with Brown.

But some of the worst news came after the rapper’s bankruptcy trustee had his bankruptcy case converted from a Chapter 11 reorganization to a Chapter 7 liquidation. His trustee decided that it would be best to sell the rights to Brown’s trademarked nickname, Young Buck.

According to the rapper, that name has been with him since he was 12 or 13 years old. He said that his mother calls him by that name and that it should not be sold because of the fact that he owes money.

Besides his name, many of Young Buck’s assets will be taken from him and sold by his trustee to repay the groups that he owes. But when the bankruptcy case is closed, he will have very few outstanding debts, if any at all. While it may seem painful now, bankruptcy should be viewed as a chance to start fresh financially.

In a glimpse of hope for the rapper, there was some rumors floating that he would have a chance at a fresh start. A couple of days ago, Cash Money Records CEO Birdman has stepped forward to address rumors and speculation suggesting Memphis rapper Young Buck and West Coast hip-hop artist Lil B are on the verge of joining his team.

While he admits both artists have his respect, Birdman said there is no truth to the speculation. 😦

“Both of them is two of the little homies I have the utmost respect for,” he said. ” I don’t know Lil B’s situation. I don’t know Buck’s situation. I’m friends to both of them. If the opportunity ever came, I would love to work with both of them. I know Buck is in a situation. I really don’t know Lil B’s situation, he’s real cool with my son [Lil] Wayne. I got love and respect for both of them, but they never came across the menu ye — I spoke with Buck a few times, he’s been a friend of the family. B is a friend of the family. But it ain’t came to none of that. Not to this point. We like to be new, young. My son [Wayne] does the newer acts [on Young Money]. On our side [Cash Money] it be more veteran.”

Source: Los Angeles Times, “Bankrupt rapper Young Buck may have to sell his name,” Dec. 25, 2011 & SOHH,  “Birdman Addreses Young Buck and Lil B Cash Money Signing Rumors” Jan. 9, 2012.

One Response to “RAPPER YOUNG BUCK FILES FOR BANKRUPTCY, MAY LOSE NICKNAME”

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