Young Buck Facing Liquidation
Young Buck’s financial state is hurting. The bankruptcy trustee helping the former G-Unit rapper through Chapter 11 says he no longer has a viable shot at reorganizing [his finances] and is not facing Chapter 7 liquidation, according to the Wall Street Journal’s bankruptcy beat.
“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,” Chapter 11 trustee Jeanne 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.”
The agreement or lack thereof that Burton is referring to stems back to this past summer, when lawyers for 50 Cent objected to Buck’s debt-repayment plan.
Buck is still under contract with G-Unit since signing in 2004. —Jakinder Singh