Tuesday, July 19, 2011

50 Cent's Lawyers File Objection To Young Buck's Debt Repayment Plan

> 50 Cent's Lawyers File Objection To Young Buck's Debt Repayment Plan - Photo posted in The Hip-Hop Spot | Sign in and leave a comment below!

The Wall Street Journal reports 50 Cent's lawyers won't make things easy for Young Buck when he heads to bankruptcy court next week.
Earlier this month, Young Buck and his legal team had to submit a debt repayment plan in anticipation of a June 19 bankruptcy hearing. The repayment plan is a standard document that many creditors require when a debtor decides to file for bankruptcy protection. The Wall Street Journal’s “Bankruptcy Beat” reports that 50 Cent’s legal team won’t be making things easy for the former G-Unit member.

“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,’” Jaqueline Palank of the 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.’”

The objection to Buck’s debt repayment plan was filed Monday, essentially argues that Buck has too many unanswered financial questions to put his plan into action. Another sticking point in the matter is if Buck would honor his commitment to 50’s G-Unit label. At press time, Buck was still contractually obligated to record under G-Unit Records. Previous documents stated that Buck would seek to reject the recording agreement. But more recent indications are that Buck would keep and/or modify the recording agreement, and for good reason.

“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.

50 Cent's Lawyers File Objection To Young Buck's Debt Repayment Plan | Get The Latest Hip Hop News, Rap News & Hip Hop Album Sales | HipHop DX

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