Petty Broke, Lists Debts Of $Half Million
By John Sippel
Billboard -- June 23, 1979
LOS ANGELES -- Recording artist Thomas Earl Petty, 2605 Hacienda Way, Santa Barbara, Calif., has filed bankruptcy here under Chapter Xi, showing known debts of $576,638.16 against assets of $56,845.
Petty's voluntary bankruptcy action caused Judge Calvin K. Ashland to stay and enjoined from continued prosecution two litigations filed recently by MCA and Shelter Records against Petty in local courts (Billboard, June 9, 1979).
Creditors of Petty have been requested to meet before Judge Ashland June 19 at 9:30 a.m.
Petty's debts include wages due of $135.72; U.S. taxes of $42.18; state taxes of $64.93 and unsecured creditors who are owed $576,395.33. The majority of the listed creditors are shown as being owed "unknown" amounts.
Among unsecured creditors known amounts are Electrosound, North Hollywood, $3,254, Cherokee Recording, $2,158, Sound City, $31,065, BMI, $40,000 (estimated), Shelter Records, $115,749 (disputed); and ABC Records, $373,379 (disputed).
In listing his assets Petty shows the following: real property, $200, cash on hand, $36, deposits in banks, Home Savings and Loan and Credit Union, $24,735, household goods, $6,777, wearing apparel, $113, autos, $7,000, business equipment, $4,780, contingent and unliquidated claims, $7,235, and interests in partnerships, $5,969.