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Universal Music Group is being sued by the estates of Tom Petty, Tupac, Soundgarden, Steve Earle and Hole.  Back in 2008 there was a huge fire that destroyed an estimated 500,000 master recordings by artists ranging from Nirvana to Billie Holiday.  They were held in a facility that UMG had rented from NBC and value the losses from the fire at $150 million.

According to the lawsuit its looking for:

“50% of any settlement proceeds and insurance payments received by UMG for the loss of the Master Recordings, and 50% of any remaining loss of value not compensated by such settlement proceeds and insurance payments.”

Mandatory Credit: Photo by Jim Smeal/BEI/Shutterstock (766815b)
Plume of black smoke rising from the back lot
Fire at Universal Film Studios, Hollywood, Los Angeles, America – 01 Jun 2008
Fire erupted early Sunday morning June 1, 2008

How awesome is this pic of Tom Petty.  I’m not sure of the date but has to be early 70’s.

Last week, five vintage guitars owned by Tom Petty and the Heartbreakers were stolen from a Culver City soundstage in L.A. Petty thought it was a good idea to post it on Twitter and offer a $7,500 reward. They were listed as a 1967 12-string Rickenbacker, a Gibson SG TV Junior, a Fender Broadcaster, a 1967 Epiphone Sheridan, and a blue Dusenberg. One man has been arrested.