Rapper's Assets Could Be Distributed To Creditors
1:30PM ET October 11th, 2011
Contributor : Stephen Willis
A Rocky Williform Company

Rapper Young Buck filed for bankruptcy last year and is now facing liquidation with his bankruptcy trustee claiming that he "no longer has a viable shot at reorganizing." Buck is in danger of facing Chapter 7 liquidation, which would see his assets sold and distributed among his creditors.

Jeanne Burton, the rapper's Chapter 11 trustee, has been working on Buck's financial situation since January; having filed a plan that would have renegotiated the rapper's contract with 50 Cent's G-Unit Records and Universal Music Group. Both labels opposed the plan.

“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,” said Burton in papers filed last week. “The trustee believes and therefore asserts that there is no reasonable likelihood of reorganization at this point.”