May 23, 1979 Suitman should take notes - Tom Petty declares Bankruptcy in an attempt to get out of a contract with his label Shelter Records. After most of the money generated from Petty's first two studio albums went towards covering label fees, Petty demanded he and the Heartbreakers be paid the appropriate royalties for his music.
All of Petty's feuds are explained in his 4 hour documentary Runnin' Down A Dream (2007). Tom Petty was like Michael Jordan in the sense that he demanded perfection from himself and his band. With all the practice came success that brought Tom Petty and The Heartbreakers to repeat hit after hit.
The lawsuit ended when Shelter Records, now MCA, agreed to release Tom Petty from his contract to sign a restructured deal with the record company. When the dust settled, Petty released his 3rd studio album Damn the Torpedoes.
The biggest hits to come from the album are classics ...
Don't Do Me Like That
RIPIP Tom Petty