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Even today, Petty's revolutionary bankruptcy complaint is a benchmark for artists' rights and an example for the music industry. The mistrust of the musician has prompted many other artists to demand better treatment and creative measures against abusive contracts.
In 1995, TLC, an all-female group of R & B, filed for bankruptcy, while their second album, "Crazysexycool", was sold to over 5 million copies. Their announcement was partly a ploy, but the band had legitimately had a difficult time, in part because the singers had received only 7% off the rights of their songs.
After negotiations, TLC signed an 18% royalty agreement again.
Although bankruptcy laws are complicated and their use is by no means a panacea for unhappy musicians, the reemergence of Petty's once unique solution has strengthened his position as an innovator. He set a precedent for other musicians to review and follow.
Not only does Petty's music continue, but his legacy as a champion of the music industry also lasts.
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