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Can business bankruptcy be stopped?

Sly Stone is one of the most notable names in the worlds of funk and soul music, genres that are critical in Detroit's musical heritage. As an influential artist, Stone is should receive royalties from music he wrote and recorded decades ago. However, a recently filed legal claim indicates that the musician is being denied access to the royalty rights.

According to reports, Stone's former manager Jerry Goldstein is in the process of bringing his businesses through Chapter 11 bankruptcy. However, the musician and his legal representatives say that the management companies are in bankruptcy only to prevent Stone from getting the rights to royalties.

At this point in time, Goldstein is still the owner of Stone's music rights, including the master recordings. This arrangement is part of a long-time effort to deprive Stone of millions worth of royalties, according to the musician. This latest action is only one in a series of legal disputes between Stone and Goldstein. The hope is that the case is resolved quickly and fairly.

Bankruptcy is a notoriously complex process. In order to exit business bankruptcy, the court must first grant approval of the plan to take care of outstanding debts. If there is an unresolved legal claim for payment, then bankruptcy proceedings might not move forward.

In this case, it will be important to sort through all of the details of the claim to ensure that it's handled correctly. Bankruptcy is a great opportunity for a fresh financial start. As such, it's crucial to clear up any legal disputes in the present to avoid issues in the future.

Source: Wall Street Journal, "Sly Stone Wants Ex-Manager's Bankruptcies Tossed," Patrick Fitzgerald, June 25, 2013

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