50 CENT REJECTS YOUNG BUCK’S DEBT REPAYMENT PLAN

50 cent is fighting the debt-payment plan that his former protégée and later dueling partner, rapper Young Buck, submitted to the bankruptcy court ahead of a July 19 hearing.

Reports The Wall Street Journal:

The objection, filed with the U.S. Bankruptcy Court in Nashville Monday, is the latest war of words between the rappers who famously duked it out in their song lyrics after a falling out.

50 says he wants to know just how Young Buck—who titled his debut solo studio album “Straight Outta Cashville”—is going to successfully manage his business affairs so that he can raise the revenue needed to pay off his creditors over the next five years, as his plan proposes.

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.” 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.”

Another concern is the fate of a contract with 50 Cent and his G-Unit record label, which signed Young Buck in 2004 and under which the latter is still obligated to record.

Young Buck, whose real name David Darnell Brown, originally indicated he’d seek to reject the recording agreement, according to 50 Cent’s lawyers. But lawyers said since then, there have been indications that Young Buck would not only want to make sure he keeps the agreement but may also seek to modify it. Young Buck must figure this out before a bankruptcy court can consider approving the rapper’s payment plan, lawyers said.

“Whether the agreements can and will be assumed and on what terms, is a predicate for establishing a confirmable plan, it is respectfully submitted that it is premature to consider confirmation of the plan,” 50 Cent’s lawyers wrote.

They added that if Young Buck moves to reject the recording agreement, then the plan needs to take into account the amount of the claims Curtis J. Jackson III (50 Cent’s real name) could then make as a result. Apparently, it’d be quite a bit more than the pocket change for which the rapper is named.

“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,” 50 Cent’s lawyers said.

With so many unanswered questions, the lawyers say it’s simply too soon for the court to take up the plan that would allow Young Buck to exit bankruptcy.

“In the instant case, the debtor cannot establish, at this juncture, that his plan is feasible for purposes of confirmation, nor based upon the information provided, can the creditors determine whether the plan is feasible in order for them to cast a vote in favor, or against, the plan,” they wrote.