Rap Flavor

Young Buck Files For Bankruptcy, and Plans To Sue 50 Cent

Posted on 31. Aug, 2010 by Blogger in News

David Darnell Brown, who performs under the stage name Young Buck, filed for protection under Chapter 13 of the bankruptcy code earlier this month. The filing came soon after IRS personnel carried out an early-morning raid on Brown’s lakeside home in Hendersonville, seizing much of his personal property.

The bankruptcy petition came to light Monday after Nashville’s U.S. District Court lifted the seal it had placed on court filings related to the August 3 seizure. The Chapter 13 process, designed to allow individuals to restructure their debts, automatically halts efforts by any creditor — even the IRS — to collect on debts owed by the person who files. Creditors can ask the bankruptcy court to lift the stay against them on certain grounds, allowing them to move against the debtor.

The tax authority claims Brown owes it about $305,000 for taxes due between 2006 and 2008, including penalties, interest and collection costs.

In a court filing that detailed the materials seized, IRS revenue officer Lauren Thompson valued them at roughly $70,000. Among the property listed were these items:

* A “Breitling Bentley Watch with diamond face and band,” said to be worth $31,000.
* More than $20,000 worth of music-recording gear.
* More than a dozen plaques, photos and other memorabilia related to albums by rapper 50 Cent, with whom Brown has been in a feud for several years.
* A portrait of rappers Lloyd Banks, Tony Yayo, 50 Cent, Eminem and Young Buck.
* “G-Unit Beg for Mercy Award pictures.”
* “Faux fur men’s light grey coat w/ ‘YB Cashville’ stitched inside.”
* Six televisions, including four with screen dimensions between 43 and 55 inches.
* “Ms. Pac Man video game.”
* “Hand crafted snake skin purse from Nigeria.”
* “Indigenous Art from Australia.”
* “X-Box machine.” (Brown complained after the raid that “they took my kids’ Playstation.”)

“Mr. Brown intends to reorganize his debts and pay off the IRS in a timely manner through Chapter 13. We hope to secure the return of his personal property quickly. He will also be filing a lawsuit in the next 30-60 days against his former manager, G Unit label and Mr. Curtis Jackson. In a filing with Nashville’s U.S. Bankruptcy Court, Brown cited as a $5 million contingent his claim against Bruce Seckendorf, G Unit Inc., Curtis Jackson III and Michael Clervoix.

Tags: 50 Cent, Bruce Seckendorf, Chapter 13 Bankruptcy, Curtis Jackson, Curtis Jackson III, David Brown, David Darnell Brown, G Unit Inc, IRS, Law Suit, Michael Clervoix, Young Buck