>>> Max Sawicky <sawicky at epinet.org> 02/22/00 06:25PM >>>
Worse in the sense that rather than being robbed piecemeal, the Bros Isley built up a very valuable asset that is on the verge of being snatched in one fell swoop. Better in that at least they have been able to live off it for some time. They may be able to hold onto it if they are able to securitize themselves, with the help of the same guy who devised the "Bowie Bonds."
Course, it's not clear who deserves the blame for Ron Isley's bankruptcy. A big part of it is a bill to the IRS (like Willie Nelson). There's an ex-wife in the mix too, among other creditors. A little more care might have avoided a lot of this. Bolton would have no chance to buy their song rights if there was no bankruptcy proceeding.
************ CB: I was just listening to a Canadian station, the news, and there was a report that a provincial minister said that you only have no bankruptcies in a communist system.
CB