Young Buck is auctioning off his music catalog, but the sale has created a legal battle between potential owners.
According to court documents obtained by AllHipHop, Structured Asset Sales objected to the winning bid lodged by Middleton Open Season Partners.
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The back catalog is being sold as part of Buck’s bankruptcy case, with Open Season’s winning bid coming in at $740,000.
Structured Assets have claimed they could bid more than the $740,000 the catalog appeared to be sold for. They are also the same firm that sued Ed Sheeran for alleged copyright infringement over his song “Thinking Out Loud.”
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Through their lawyer, Open Season said: “Structured Asset Sales is nothing more than a disgruntled potential bidder. Structured Asset Sales, through its principal [David] Pullman, received the Solicitation Email and made no efforts or attempts to contact the Broker or to participate in the bidding process for the Property.”
They continued: “Structured Asset Sales finally discussed the Property with the Broker in mid-December, almost six months after the Solicitation Email was sent and almost two weeks after the Sale Motion was filed.
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“Structured Asset Sales, now realizing that it slept on its opportunity to participate in the bidding process, seeks to object to the Sale Motion and disrupt the private sale to Open Season.
“The Sixth Circuit Court of Appeals, as well as multiple other lower courts in the Sixth Circuit, have stated that frustrated bidders do not have standing to object to the sale of the property.”
A broker working on behalf of Young Buck solicited offers for his catalog last summer with all bids due by July 14. Open Season have urged the court to allow the sale to proceed and have requested a break-up fee of $25,000 if the catalog is auctioned again to cover expenses.
When sold, the fee will cover all of the former G-Unit rapper’s outstanding debts including child support, his mobile phone bill and a lien owed to the Department of Treasury worth $200,000.
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Buck previously blamed 50 Cent for being forced into bankruptcy, claiming his former label boss prevented him from being able to make money.
“Once he stopped me from being able to make money, I filed another bankruptcy,” Buck said. “They stopped him from being able to cease-and-desist in regards to me being able to, you know.
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“I included what he claimed that I owed him in the bankruptcy to be able to say, ‘Well hey, if you’re owed this and present whatever receipts or whatever… You will be paid type of situation.’ But that was the only way I was able to go forward with working, so.”
