California - The rap artist known as Young Buck has been ordered by a bankruptcy judge to liquidate most of his assets, including his trademarked rap name. The judge handling the case recently changed the rapper's bankruptcy status from Chapter 11 reorganization to Chapter 7 liquidation. The artist, whose legal name is David Darnell Brown, was close to inking a recording deal with Cash Money Records, which he claims would have given him the money to pay his debts and emerge from the Chapter 11 status.
Jeanne Burton, the trustee in charge of administering the assets from Young Buck's estate, said she will be selling the rapper's trademarked "Young Buck" moniker along with other assets. According to Burton, she was left with no other choice but to liquidate since there was no money left to pay debts and future bills. In a statement from Burton's attorney, she said, "There was no deal finalized within the time frame that was necessary for the case to remain in Chapter 11. There are insufficient remaining funds in the estate to pay the ongoing administrative expenses that are due," she added.
It appears that Buck's money troubles began in 2008, when he was prevented from recording music under his contract with G-Unit Records, after a falling out with G-Unit owner, rapper 50 Cent. The proposed multiparty deal that was in the works before the liquidation ruling would have settled Buck's contract dispute with G-Unit and released him to sign a deal with Cash Money so he could resume his rap career.
Buck, who entered Chapter 11 bankruptcy in October 2010, would have had the ability to pay his creditors with future revenues earned from the anticipated record deal. Buck insists that the trustee's move was shortsighted and counterproductive to his case.
"I just wish the trustee would understand that I'm actually in a position to actually work again," Buck stated. "Either way it goes, you're going to get paid. Cash Money provides me with a job to pay off the bankruptcy and creditors." Buck also said that his "Young Buck" rap name was not given to him by G-Unit, but that he garnered the nickname as a young teenager, therefore he shouldn't be forced to give it up. Brown filed for the "Young Buck" trademark back in February 2004.
It's not clear what impact the loss of the trademarked name will have on the Cash Money deal.