When you hear the word bankrupt, what comes to mind? Banks? Auto companies? Virtually any country on the planet? In this period of our economically challenging history, bankruptcy has become almost common-place. So it shouldn’t surprise you that your favorite 80’s band, UB40, is insolvent. It’s a tragedy of epic proportions, I know, but apparently it was also one, like so many others, that was fueled by corporate greed and incompetence and could have been avoided.
Rumor has it there were some “questionable” proceedings going on on the management/label side of things. To put this into perspective for you, UB40 has sold over 70 million albums. Even at only $1 an album, that’s still $70 million dollars (£44,372,860) that was pissed away, never to be seen again. And yet, the entire band has gone belly up. Seriously, what the hell did they spend all the money on? Aside from being utterly mind boggling, it’s freaking hilarious as well. But I tend to be cynical like that.
All the more reason why MarsBands supports bands and artists who tell record labels to go screw themselves to open their own labels.
What say you?
