Young Buck Could Lose Rap Moniker In Liquidation Process
12/25/2011 6:30pm EST
Rapper Young Buck is facing losing his stage name as his assets are liquidated in a bid to save him from complete financial ruin.
The former G-Unit star, real name David Darnell Brown, filed for bankruptcy last year after racking up a $300,000 tax bill, prompting Internal Revenue Service agents to raid his Tennessee home and confiscate his possessions in a bid to help pay off the debt.
He battled to restructure his funds as part of the bankruptcy filing, but, during a court hearing this week, his estate trustee Jeanne Burton told Davidson County Bankruptcy Judge George Paine that Young Buck "no longer has a viable shot at reorganizing."
As a result, Judge Paine converted the rapper's bankruptcy filing to liquidation.
Burton is now planning to sell off his assets, including the trademark to his own rap moniker, so the profits can be distributed to creditors.
One of his biggest creditors is 50 Cent, who, along with his fellow G-Unit Records executives, claims the embattled star owes them $10 million over a contract dispute.
Young Buck is currently working on securing a new record deal and is reportedly in talks to become Lil Wayne's label mate at Cash Money Records.
Another court hearing has been set for January 30.