Copeland avoided bankruptcy by negotiating a 50 percent payout over two years
Miles Copeland · I.R.S. Records: Miles Copeland · Dec 26, 2022 · at 17:21
Music manager Miles Copeland describes negotiating debt relief after the financial collapse of his 1975 European festival tour Star Truckin' 75.
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“I went to all the people I owed money to, and I said, look, if you bankrupt me, you know what's going to happen. You know, it'll go to the courts, and you'll end up with one penny for every pound that you're owed, if that. But if you give me a couple of years, I'll give you 50% of what I owe you. And luckily for me, everybody agreed. So, I did not actually go bankrupt, but I was on the verge.”
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