WSJcomBankruptcyBeat

This week on The Broke and the Beautiful, Joe Francis was found guilty of assault and false imprisonment, and he could get up to five years in prison. Also, rapper Young Buck’s bankruptcy case is winding down.

Young Buck’s bankruptcy is drawing to a close while the rapper serves a prison sentence for gun possession.

The trustee overseeing the Nashville, Tenn.-based rapper’s bankruptcy liquidation recently filed her final report in the case, which raised $391,331.59 to pay creditors. Most creditors aren’t getting paid in full, while some aren’t getting paid at all.

Secured lenders led by Credit Suisse AG have been declared winners of an auction for the oil and gas drilling assets of ATP Oil & Gas Corp. with an offer of $690.8 million, court papers say.

Veteran restructuring lawyers John Rapisardi and George Davis are heading to O’Melveny & Myers LLP after six years with Cadwalader, Wickersham & Taft.

Residential Capital LLC is suing a group of junior bondholders to block them from wresting control of the subprime mortgage lender’s bankruptcy case. Read the Daily Bankruptcy Review article here.