Stryper frontman: We individually filed for bankruptcy with $2 million debt

FRONTMAN Michael Sweet has revealed each member of Stryper declared himself bankrupt in 1991 when the band’s debts hit $2 million.
Speaking on the Noize In The Attic podcast, Sweet says himself, brother and drummer Robert Sweet, guitarist Oz Fox and former bassist Tim Gaines had to take the hit personally because they had not formed an incorporated company.
“We filed bankruptcy years ago,” Sweet said.
“We were doing really well and we wound up spending more than we were making and we wound up having a $2 million-plus debt … 1991.
“During the Against The Law period we were spending tonnes of money and still trying to be the arena boys.
“We’d make 30, 40, 50 grand a night in an arena and we would spend 60 grand because we had all the big production and everything and a couple of busses. At one point, three busses.
“Here we are spending more than we’re making and after a few years of that, we wound up being in debt to a point where we couldn’t pay it back.”
Sweet said he could personally have afforded to stay out of bankruptcy.
“We had never incorporated. We would have been protected by that. We were just a partnership so as individual partners, we all had to file bankruptcy.
“See, I didn’t have to. I can’t speak for the other guys, maybe they didn’t have to either. I’ll speak for myself: I didn’t have to.
“I was at a point where my house was paid down and I didn’t have a lot of debt, personal debt.”
He paid tribute to his wife for getting the christian metal band back on an even keel financially.
“But I had to file bankruptcy and I left the band lot long after that and we’ve got to the point over the last 10 years – thank God Lisa’s helped us get there – in terms of being responsible with finances and what-not that, where we have money in the bank and we pay our debts and we pay our bills.
“Thank God we don’t have to go down that road.”
With new bassist Perry Richardson, Stryper are about to release the album God Damn Evil.

About therealsteavis (259718 Articles)
Committed to the Three Rs - Rugby league, Rock & roll and the Road

1 Comment on Stryper frontman: We individually filed for bankruptcy with $2 million debt

  1. Fuck a Perry ass STRYPER, hope they fold under pressure …

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