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G-Unit outcast, Young Buck, was due in court on Tuesday (December 20) to discuss the fate of his assets, as part of bankruptcy proceedings.
The Tennessee-bred rapper's estate trustee Jeanne Burton filed a motion asking for the case to go from Chapter 11 reorganization to Chapter 7 liquidation, because his former boss 50 Cent would not agree to the terms of the reorganization plan.
Fif's approval is needed because he and G-Unit are listed as one of the creditors Buck owes money to. It is hoped that the liquidation will resolve Buck's debts, reports Nashville's WKRN news channel.
Essentially, it could mean his assets would be sold off.
"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," wrote Burton in the motion. "The trustee believes and therefore asserts that there is no reasonable likelihood of reorganization at this point."
The reorganization plan included the recording of new material.
50, however, is holding Buck to his contractual obligations, making it difficult for the southern rapper to release new material, commercially. He's also refused to release a new Young Buck album, because of his $171,000 debt to G-Unit, as part of a $300,000 loan he gave him back in 2005.
In other news, Buck recently told MTV that he's planning an upcoming mixtape, set to be released via Rick Ross' Maybach Music Group. Details regarding the project were unknown at press time.
Since his last official album, 2007's Buck The World, the rapper has been sitting on the shelf. But, he's released new mixtapes, his latest being 2010's Rehab, following Back On My Buck Sh**, Vol. 2, hosted and produced by Drumma Boy.
The Tennessee-bred rapper's estate trustee Jeanne Burton filed a motion asking for the case to go from Chapter 11 reorganization to Chapter 7 liquidation, because his former boss 50 Cent would not agree to the terms of the reorganization plan.
Fif's approval is needed because he and G-Unit are listed as one of the creditors Buck owes money to. It is hoped that the liquidation will resolve Buck's debts, reports Nashville's WKRN news channel.
Essentially, it could mean his assets would be sold off.
"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," wrote Burton in the motion. "The trustee believes and therefore asserts that there is no reasonable likelihood of reorganization at this point."
The reorganization plan included the recording of new material.
50, however, is holding Buck to his contractual obligations, making it difficult for the southern rapper to release new material, commercially. He's also refused to release a new Young Buck album, because of his $171,000 debt to G-Unit, as part of a $300,000 loan he gave him back in 2005.
In other news, Buck recently told MTV that he's planning an upcoming mixtape, set to be released via Rick Ross' Maybach Music Group. Details regarding the project were unknown at press time.
Since his last official album, 2007's Buck The World, the rapper has been sitting on the shelf. But, he's released new mixtapes, his latest being 2010's Rehab, following Back On My Buck Sh**, Vol. 2, hosted and produced by Drumma Boy.
