| Settlement reached between McLean estate, Country Music Hall of fame |
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Posted: Tuesday, December 30, 2008 4:07 pm
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Historic musical instruments once owned by the late Bill Monroe, "Mother" Maybelle Carter and Johnny Cash will remain property of the Country Music Hall of Fame following a $750,000 settlement with the estate of the late Robert W. "Bob" McLean.
The settlement, announced Tuesday, Dec. 30, followed a year of talks between bankruptcy trustee Robert Waldschmidt and the Country Music Foundation.
Click here for past coverage of the McLean case
McLean, a Murfreesboro businessman, provided financial aid that allowed the museum to purchase Monroe's Gibson F-5 mandolin and Carter's Gibson L-5 guitar, which have been described as two of the most important instruments in country music history.
McLean, accused of operating a "Ponzi scheme, commited suicide after being forced into involuntary bankruptcy last year. Waldschmidt has attempted to recover $l.54 million from the County Music Hall of Fame. That figure equals McLean's donations to the museum and the value to two Johnny Cash guitars that McLean had purchased and donated to the museum. |
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