Young Buck’s in some deep water. The Wall Street Journal reports that former G-Unit member’s financial problems have taken a turn for the worse and that 50 Cent may be the reason..
Burton (bankruptcy trustee) has been working since January to investigate Young Buck’s financial situation and to formulate a plan to exit bankruptcy. In June, Burton and Young Buck filed that plan, which counted on the rapper’s ability to 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. The trustee added that 50 Cent and Young Buck “remain in disagreement” about each side’s obligations under the recording agreement.
“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 said in court papers filed last week. “The trustee believes and therefore asserts that there is no reasonable likelihood of reorganization at this point.”
Under Chapter 7, Young Buck’s assets would be sold and distributed among his creditors. The trustee’s request remains subject to bankruptcy-court approval.
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