These Celebs Were On Top Of The World But Then Everything’s Changed – See What They Had To Go Through
TOM PETTY: LOAN
Just like TLC, Tom Petty and his bandmates were shortchanged by their earliest contractual agreement. However, unlike the girls, Tom Petty decided to rebel against their poor earnings – producing the band’s 3rd album solo with a loan of $500K. After filing for bankruptcy and annulling their contract, they got signed on by Backstreet Records, and they all reaped the dividends of their labor in due course. They ended up earning far more than they would have otherwise, and this is one of the very few stories where the stars that get indebted end up with more than they had before. Tom Petty and his friends are pretty quick on their feet. Certainly some smart work.
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