The Curious Case Of The $575,000 Guitar

It was ruled earlier this week that The Country Music Hall of Fame and Museum will get to keep historic instruments from Bill Monroe, Johnny Cash and Mother Maybelle Carter pledged by a man who committed suicide after being accused of defrauding millions from investors.

The settlement between the Country Music Foundation, which operates the museum, and the trustee handling the bankruptcy for Bob McLean was filed Tuesday in bankruptcy court in Nashville. It requires the museum to pay $750,000 to McLean's bankruptcy estate to help pay back his creditors. This barely covers a portion of the nearly $67 million dollars he allegedly swindled in the Ponzi scheme.

McLean donated two Johnny Cash guitars to the museum, each valued last year at $125,000, and pledged money that allowed the museum to enter confidential purchase agreements for the other instruments: Monroe's 1923 Gibson mandolin, once priced at $1.1 million, and Carter's 1928 Gibson guitar, once priced at $575,000.

The trustees of creditors called the settlement a "fair compromise" that will benefit the bankruptcy estate and its creditors while also preserving the museum's collection.

"Everyone involved in this lawsuit was sensitive to the historical significance of the instruments involved," he said. "However, the interest of the creditors in this bankruptcy proceeding, many of who lost their life savings, could not be ignored either."

Having seen each of the instruments that are in question, I for one am glad that they're in the protective collection of the Country Music Hall of Fame. The care and dedication in preserving the legacy of the music we love is mind-boggling. Those five-strings are in good hands...