23/05/2025
5/23/1979: Tom Petty refused to be bought and sold—so instead, he filed for bankruptcy.
At the time, Petty had very little to show financially for the two hit albums he’d already released. With songs like Breakdown and American Girl, you’d think he’d be rich. But he wasn’t. Why? Because the first record deal he ever signed wasn’t exactly a smart one.
So when Shelter Records was bought out by industry giant MCA, Petty saw a chance to free himself from that contract. And—like all record companies when money’s involved—they put up a fight.
Petty’s response? “I will not be bought and sold like a piece of meat.”
He refused to let MCA release his album and fronted over $500K to record it himself, planning to release it independently.
Eventually, the label came to their senses and let him out of the deal. But it didn’t stop there. They ended up creating an entirely new subsidiary just to re-sign him—this time to a $3 million contract.
Tom Petty really was that guy.