The bankruptcy case of David Darnell Brown, better known as rapper Young Buck, will convert to a Chapter 11 bankruptcy with a trustee to be appointed to oversee his assets.
U.S. Bankruptcy Court Judge George C. Paine II signed an order Thursday to convert the Chapter 13 bankruptcy to Chapter 11 on or before Jan. 19.
In part, the stipulations of the signed order state Brown must attend an initial debtor’s hearing on Jan. 20 and file his first periodic report for each of his assets on or by Jan. 31.
If Brown fails to comply with those stipulations, his case could convert to a Chapter 7 bankruptcy, in which case his assets — including music catalog — would be liquidated.
Another matter in the case involves attorney Robin Mitchell Joyce’s application to handle Brown’s entertainment business affairs.
Steven Lefkovitz, the attorney for former Brown landlord Maurice Karr, filed an objection to Joyce’s application. He notes Joyce’s $6,000 per month flat fee does not list the services she would provide.
Lefkovitz said he had no problem with Joyce’s hiring as counsel for Brown but feels that paying her a flat fee without her itemizing services provided would violate the bankruptcy code.
Brown first filed for Chapter 13 bankruptcy last fall. He owns the small businesses Mouth Full of Ice Inc., Cashville Records Inc., Cashville Clothing Inc. and A-Million Bucks Towing Inc.