In a significant development in Young Buck’s bankruptcy case, a trustee, Erica R. Johnson, has successfully secured a buyer for the rapper’s music catalog, as revealed in court documents obtained by AllHipHop.
The catalog, encompassing Young Buck’s ASCAP, Select-O-Hits, SoundExchange, and Universal Music Publishing collections, is set to be acquired by Middleton Open Season Partners I LLC for a sum of $730,000, pending any objections.
According to Johnson, “The Trustee proposes to sell all of her right, title, and interest in the Catalogs to Middleton Open Season Partners I LLC (the ‘Buyer’) in consideration of payment from the Buyer to the bankruptcy estate in the amount of Seven Hundred Thirty Thousand U.S. Dollars (U.S. $730,000.00).”
The closing of the sale is contingent upon the final and non-appealable approval of the motion, with funds expected to be transferred to the Trustee within fifteen (15) days of the Closing Date.
Asserting the fairness and reasonableness of the sales price, Johnson noted, “The Trustee believes that the sales price is fair and reasonable considering the valuation of the Catalogs given by the Broker.” The entire process was facilitated with the assistance of a royalty analyst, Ben Stauffer, employed by RoyaltyTraders LLC dba SongVest.
Johnson elaborated, “The Trustee previously obtained court approval to employ Ben Stauffer, a Royalty Analyst with RoyaltyTraders LLC dba SongVest (the ‘Broker’), to assist the Trustee in selling the Catalogs.”
The Broker, leveraging its network of approximately thirty (30) investors, successfully identified Middleton Open Season Partners I LLC as a party interested in acquiring the Catalogs.
As of the latest update on Thursday, December 7, the trustee held a deposit of $193,920 in Young Buck’s bankruptcy estate. This impending infusion of funds is poised to alleviate financial obligations to various creditors, including outstanding child support payments running into thousands of dollars.
It is noteworthy that Young Buck filed for bankruptcy in 2020 amid mounting pressure, notably from 50 Cent, who sought to collect a $250,000 debt owed by the former G-Unit member. This strategic move to sell the music catalog appears to be a pivotal step in addressing the rapper’s financial challenges and meeting outstanding obligations.