Rap star Young Buck is taking a significant step to address his ongoing bankruptcy case by selling his music catalog. The auction aims to satisfy debts owed to various creditors, including 50 Cent. This move follows a string of financial challenges faced by David Darnell Brown, famously known as Young Buck, leading him to seek bankruptcy protection in early 2020.
According to AllHipHop.com, SongVest, a specialized brokerage firm dealing in music royalties, has assessed the catalog’s value at over $700,000. The catalog comprises performance royalties, mechanical royalties, publishing royalties, and song copyrights.
Trustee Erica R. Johnson is confident that the sale of the catalog will generate ample funds to pay off all creditors, including the reported $250,000 owed to 50 Cent. To facilitate the sale, SongVest has been enlisted to connect with a private network of around thirty potential investors.
Young Buck’s financial struggles have been widely documented, with his bankruptcy filing in January 2020 marking a turning point. The rapper faced numerous challenges in 2019, including legal issues resulting in jail time, substantial debts like child support, and tax obligations. Additionally, 50 Cent accused Young Buck of failing to fulfill his contractual obligations, including delivering two albums under their agreement with G-Unit, as well as neglecting to repay a $250,000 loan. Further complications arose when Young Buck was accused of withholding royalty statements and concealing $35,000 paid to his publishing company, Mouth Full Of Ice.
Allegations also emerged suggesting that Young Buck failed to report significant post-bankruptcy income, which included over $108,000 from Sound Exchange, over $32,000 from Select-O-Hits, and royalties exceeding $47,000 from Universal Music Publishing.
Throughout the bankruptcy proceedings, the trustee has maintained that these funds rightfully belong to the bankruptcy estate and should have been used to settle Young Buck’s debts. If approved by the court, the auction of Young Buck’s catalog could potentially fetch nearly $1 million, with the broker receiving a ten percent share of the total proceeds from the sale.
Once a suitable buyer is found, the trustee will seek court approval by submitting a separate motion for the sale. The outcome of the auction will determine whether 50 Cent or any other buyer ends up owning Young Buck’s music catalog.
