50 Cent Rejects Young Buck’s Debt Repayment Plan, Might Counter-Sue
After filing for bankruptcy in 2010, former G-Unit member Young Buck has been working with creditors to structure a plan to pay off his debts. According to The Wall Street Journal, the former 50 Cent protégé is moving toward a five-year payment schedule, which suggests that Buck has filed for Chapter 13 bankruptcy. When an individual files for Chapter 13 bankruptcy, they are allowed to keep all of their assets and receive court protection from further harassment from creditors. Creditors sign on for this delayed repayment of monies because this agreement is more profitable than prolonged fighting in court. But the debtor has to be confident that there will be enough funds earned in the future to make repayment possible.
50 Cent apparently does not have faith that Young Buck can or will repay his debts, so has rejected Buck’s July 11 petition — in some pretty damning language. The Wall Street Journal reports:
50 says he wants to know just how Young Buck—who titled his debut solo studio album “Straight Outta Cashville”—is going to successfully manage his business affairs so that he can raise the revenue needed to pay off his creditors over the next five years, as his plan proposes.
At a recent questioning over Young Buck’s financial affairs, 50 Cent’s lawyers said the rapper “had trouble identifying where he had been on tour, who had booked his travel, how he had even gotten from one place to another.” This troubles creditors like 50 Cent, his lawyers wrote in court papers, because it raises the concern “as to whether any creditor can truly rely upon these claims and projections by the debtor.”
Another concern is the fate of a contract with 50 Cent and his G-Unit record label, which signed Young Buck in 2004 and under which the latter is still obligated to record.
The continuing contention over this contract includes Buck vacillating between wanting to break it, then more recently stating he wants to continue it under different terms. In response, 50 Cent said through his lawyers: “If the debtor defaults under the recording agreement… G-Unit would maintain a claim for damages flowing to it as a result of the debtor’s failure to perform under the recording agreement in an amount believed to be not less than $10,000,000.”
It is unfortunate that artists in the music industry often go into debt to their labels. Yet, Young Buck is in a situation of his own creation, and at the complete mercy of 50 Cent. 50 owns him as a recording artist and has a much more powerful legal team behind him. Buck might think he has options — such as rejecting his contract, or paying his debts when it’s convenient — but he does not. And in this particular instance, 50 is not the one for fair discussions.