Young Buck May Lose Stage Name in Liquidation
Mon, 26 Dec 2011 15:44:20
Rapper Young Buck may lose his stage name as his assets are liquidated and his name trademark is one of his assets.
The former G-Unit star, born David Darnell Brown, was forced into bankruptcy last year when he had a $300,000 tax bill hanging over his head. IRS agents raided his Tennessee home and confiscated his possessions in a bid to help pay off the debt.
He restructured his funds as part of the bankruptcy filing, but during a court hearing this week, his estate trustee told a bankruptcy judge the rapper "no longer has a viable shot at reorganizing."
As a result, Judge Paine converted the rapper's bankruptcy filing to liquidation. He now has to sell of his assets, including his name trademark, so profits can be used to pay off his creditors.
One of his biggest creditors is 50 Cent, who, along with his fellow G-Unit Records executives, claims the artist soon to be formerly known as Young Buck, owes them $10 million over a contract dispute.
The next court hearing is Jan. 30.
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