Mo' Money, Mo' Problems: 5 Musicians Who Had to File for Bankruptcy
Recently it was revealed that Cat Power was not only suffering from a serious illness called angiodema that was threatening to stop her European tour, but also that she has filed for bankruptcy. That tour has indeed been postponed, but Cat Power is hardly the first musician to be running low on cash.
Everyone remembers the famous story of MC Hammer blowing virtually all the money he made from "U Can't Touch This" on needless excess and winding up in Chapter 11 court. He was hardly the first. They say a fool and his money are soon parted, and plenty musicians have made fool of themselves after their seemingly never-ending success has suddenly dried up.
5. David Crosby
In the '60s and '70s, David Crosby was a bona fide star through the Byrds and his collaborations with Neil Young, Stephen Stills, and Graham Nash. By the '80s, he was virtually forgotten after undertaking a poorly received solo career. The folkie and hippie movements had ended abruptly.
By 1985, Crosby was so broke that he not only had to file for bankruptcy but was quickly selling off some of his most prized possessions, including his boat. That year, however, CSNY reunited for a show at Live Aid, which probably recouped a good deal of Crosby's losses.
4. George Clinton
Maybe 1985 was just a bad year for musicians. George Clinton had also been a major star in the '70s with his funk-rock bands Funkadelic and Parliament. However, as funk went in a more pop-oriented direction with the advent of disco and stars like Prince, Clinton's time passed him by. In 1985, he was also forced into bankruptcy.
Photo by Groovehouse
Ironically, it would only be a few short years later that Clinton would launch a career revival on Prince's Paisley Park Records. As it turned out, a lot of fans were inclined to check into some of Prince's biggest influences, including Clinton, and soon Clinton was awarded with the acclaim of the important veteran that he is considered today.