Young Buck Out Of Bankruptcy; Outstanding Loan To 50 Cent Voided
Buck apparently borrowed $300,000 from 50, but documents show that the remaining $171,000 balance on the loan has been wiped cleaned. G-Unit Records was also looking for $10 million from Buck, but that debt has been erased as well.
Buck filed for bankruptcy protection in 2010 after his Hendersonville, Tennessee home was raided by the IRS. The trustee overseeing Buck’s bankruptcy liquidation charged that G-Unit and Universal Music Group had worked to prevent Young Buck from selling his masters, licenses, and trademarks due to the outstanding debts owed to them. G-Unit and Universal claimed ownership of all Buck’s intellectual property including his professional name.
Young Buck is currently serving an 18-month prison sentence on weapons charges. He is reportedly set to be released on November 26th.