It does appear that the recording industry managed to obtain its provision with remarkable ease. From the industry's perspective, even a suggestion that an artist might file a bankruptcy petition signals trouble. That's what we complained about to Congress and Congress agreed some relief was appropriate. But RIAA officials decline to document the scope of the problem. They say they wish to protect the privacy of cash-strapped artists, but contend it is unfair for an artist to bolt from a studio that has invested resources to groom the performer for stardom.
Critics are skeptical.
I don't understand why it's appropriate to single out one group for a different rule than the rest of the universe. But by 1995, members of the group were too broke to go on, and filed for bankruptcy. In January, platinum-record star Toni Braxton reprised TLC's sad song, plummeting from a life of luxury into insolvency. Record companies say they are increasingly confronted by artists like Braxton and TLC who are willing to accept the public scandal of bankruptcy for the chance it gives them to scrap a contract and land a more lucrative deal. Skeptics suspect the industry won't give specific examples because the list would be embarrassingly short.