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Young Buck's $11.5 Million Bankruptcy Claims
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Tuesday, 22 March 2011 |
| Written by Jason
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The news continues to get worse for Young Buck, with reportedly a new claim by G-Unit Records. With his current bankruptcy case, Young Buck has 14 claims against him, with a total of $11.5 million dollars. According to The Tennessean, G-Unit Records filed a $10 million claim against Buck in the event that he breaches his contract with the label while 50 Cent has also filed a $171,000 claim, saying he loaned his former artist $300,000 in 2005.
Robin Mitchell Joyce, Young Buck's lawyer, says that a lot of his financial problems can be blamed on his deal with G-Unit. She claims that G-Unit managed Young Buck, handled all of his business, provided legal counseling and acted as his booking agent. "One of the biggest problems with Buck's situation is not only that it's so complex, but also that he didn't understand it," Joyce told The Tennessean. "The money went in and the money went out and Buck's universe of knowledge about his financial state is a balance on an ATM receipt. … Buck never knew at one point, at several points, that he was a millionaire."
Joyce says that she has submitted a $500,000 budget for a new Young Buck album with G-Unit, since he is still signed to the label. She says that G-Unit should either approve the budget and release his 3rd album or let him out of his contract.
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