Young Buck is in a bit of a jam, as after filing for Chapter 11 bankruptcy, it’s looking like he no longer has a viable shot at reorganizing. This is in large part to 50 Cent denying a modified plan for Buck’s contract that is still in tact with Fif’s G-Unit Records imprint. Yikes! Details below.

Marisa Mendez

(WSJ) – Maybe Young Buck, whose real name is David Darnell Brown, can turn to fellow rapper and former mentor 50 Cent for help with his new rhymes. After all, it’s in part because of 50 that Brown is facing Chapter 7 liquidation, according to Chapter 11 trustee Jeanne Burton.

Burton has been working since January to investigate Young Buck’s financial situation and to formulate a plan to exit bankruptcy. In June, Burton and Young Buck filed that plan, which counted on the rapper’s ability to modify a recording agreement with 50 Cent’s G-Unit Records and a distribution agreement with Universal Music Group. The revamped agreements would provide the revenue needed to pay off Young Buck’s creditors, according to the plan.

But as Bankruptcy Beat previously reported, G-Unit and Curtis Jackson (aka 50 Cent) have opposed the plan, and Burton said both G-Unit and Universal aren’t willing to modify the agreements. The trustee added that 50 Cent and Young Buck “remain in disagreement” about each side’s obligations under the recording agreement.

“At this time, because no agreement has been reached with G-Unit and Curtis Jackson regarding either assumption or rejection for the recording agreement and/or the publishing agreement, the first amended plan cannot be confirmed,” Burton said in court papers filed last week. “The trustee believes and therefore asserts that there is no reasonable likelihood of reorganization at this point.”

Further hurting Young Buck’s case, Burton said, is the misappropriation of some of the rapper’s funds. The trustee said that during the bankruptcy, she became aware that “a former acquaintance” of the rapper had his performance or appearance fees wired to an unauthorized bank account opened for one of Young Buck’s companies. Unauthorized payments were then made from this account, Burton said, and haven’t been recovered while the whereabouts of that former acquaintance remain unaccounted for.

Under Chapter 7, Young Buck’s assets would be sold and distributed among his creditors. The trustee’s request remains subject to bankruptcy-court approval.