50's Legal Team Object To Debt Repayment Plan
1:15PM ET July 13th, 2011
Contributor : Stephen Willis
A Rocky Williform Company
50 Cent's legal team isn't going to make former G-Unit rapper Young Buck's life any easier. Buck's legal team submitted a debt repayment plan in anticipation of a June 19 bankruptcy hearing, but 50's people filed an objection to Buck's debt repayment plan this week, saying that Young Buck's finances are too unclear for the plan to work. Also Buck is still contractually obligated to G-Unit Records, although he was been seeking to reject the agreement he signed with his former label.
“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,’” the Wall Street Journal reported. “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.’”
More recently, however, it has been indicted that Young Buck would keep the recording agreement. It looks like he may be forced to do so, due to the circumstances.
“If the debtor defaults under the recording agreement, and/or rejects 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,” The Journal reports.