4th July '08 - Bankruptcy Fiddler to Sell Half of all Future Royalties
A Canadian fiddler with a history of debt management problems has come up with a novel idea to raise money.
Ashley MacIsaac, who sought bankruptcy in 2000, is seeking to raise nearly £800,000 by selling the rights to half of the money he expects to earn during the rest of his music career.
The former bankruptcy candidate is no stranger to controversy. He once attracted headlines when he appeared to expose himself while wearing a kilt during a performance on “Late Night with Conan O’Brien”.
He is currently advertising the sale on internet auction website eBay. He commented, “I'm 33, I have at least a good 40 years of earning power ahead of me and I think it's (C$1.5 million) a reasonable starting point.”
In fact, MacIsaac is not the first musician to try and raise money through such a venture. Since many within the music business face debt management issues, and sometimes bankruptcy , as they wait for royalties to come in, it is not uncommon for them to be creative financially as well as musically.
David Bowie and Madonna have all used similar schemes to raise cash in recent years.
MacIsaac commented, “I'm not David Bowie, I'm not Madonna, I'm not Eminem, I'm Ashley MacIsaac, so to set a price at that (C$1.5 million), I thought, was fair market value.”
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