Toni Braxton is feeling the side effects of the bidding market. During her second bankruptcy filing, the veteran R&B superstar struck a deal by using her songs to settle with her debtors. In the deal, Braxton gave up the rights to 27 songs from her hit catalog with a clause to buy them back for $20K.
Unfortunately, the deal also meant that Braxton could be outbid for the songs, and that is exactly what happened. According to TMZ, a buyer name Ross M. Klein doubled Braxton's price, and yanked the songs for his own.
Included in the 27 songs are "You're Making Me High," "How Many Ways," and "Always."
We're pretty sure Miss Braxton is pissed over this, and will be moving rocks in hopes to getting her precious tunes back.
Are you a fan of Toni Braxton’s music? If so, you may want to sit down for this news. Following her recent bankruptcy deal, the Grammy-winning singer has lost the rights to many of her songs. This is a common consequence of bankruptcy for musicians, as their intellectual property often becomes part of the bankruptcy estate.
Braxton’s financial struggles have been well-documented over the years. Despite selling millions of albums and winning numerous awards, she has filed for bankruptcy twice and has spoken openly about her retirement from music due to health issues.
While losing the rights to her songs is undoubtedly a blow, it remains to be seen what impact this will have on her future career prospects and whether she will continue making music in some capacity.
The Impact of Bankruptcy on Musicians’ Rights
You may be surprised to learn that filing for bankruptcy as a musician can result in losing your rights to your own songs. This is because when you file for bankruptcy, all of your assets become part of the bankruptcy estate.
This includes any intellectual property you may have, such as copyrights to your music. Once your assets are part of the bankruptcy estate, they are under the control of a trustee who has the power to sell them off in order to pay back creditors.
This means that if you have valuable songs or other intellectual property, it could be sold off without your consent in order to pay back debts. To avoid losing your rights to your own music in a bankruptcy case, it’s important to take steps ahead of time to protect those rights.
This might include setting up a separate legal entity for your music business or working with an attorney who specializes in intellectual property law. By taking these steps, you can help ensure that even if you do face financial difficulties down the road, you won’t lose control over the very thing that makes you unique as an artist: your creative output.
Toni Braxton’s Retirement and Financial Struggles
Amidst her financial struggles and retirement, you may be surprised to know that the renowned singer Toni Braxton has lost control over her music. This comes after a long legal battle with her record label and bankruptcy trustees. As part of a deal to clear her debts, she had to surrender the rights to her songs to pay off creditors.
The loss of control over her music is a major blow for Toni Braxton who had become an icon in the industry due to her unique voice and style. Her hit songs like ‘Un-Break My Heart’ and ‘You’re Makin’ Me High’ were chart-toppers in their time, making it even harder for fans to see them under someone else’s control. Losing ownership of one’s music is often seen as a major setback for musicians who have spent years creating and perfecting their craft.
Despite this setback, Toni Braxton continues to pursue other ventures including acting and reality TV shows. She has also been open about her health struggles with lupus which forced her into early retirement from music tours.
Despite all these challenges, she remains an inspiration to many people around the world who look up to her for strength and resilience in tough times.
Conclusion
Well done, you’ve reached the end of this article about Toni Braxton’s financial struggles and the impact it had on her music career.
As we’ve learned, bankruptcy can have a significant effect on a musician’s rights to their own songs. It’s unfortunate that Toni Braxton had to give up the rights to some of her most popular hits in order to settle her debts.
However, it serves as an important reminder for all artists to take control of their finances and seek professional advice when needed. With careful planning and management, musicians can avoid finding themselves in a similar situation and maintain ownership over their creative output.
Founder and Creator of Singersroom.com and IncredibleWork.com. Follow me on Instagram at @gary.gentles.
