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Hitmaking Producer in Financial Bind
Teddy Riley, who has produced albums for Michael Jackson, Bobby Brown, ‘N Sync ( news – web sites) and other acts, filed for protection from creditors in bankruptcy court. The 34-year-old R&B recording artist hopes to reorganize his finances under Chapter 11 of the federal bankruptcy law. Riley’s bankruptcy attorney, Michael Lehman, said Riley didn’t have enough money to pay mounting income-tax liabilities. The filing shows Riley owes $1.45 million in federal income taxes for 1998-2001 and $243,855 in Virginia taxes for 1996-98 and 2001. He also owes Virginia Beach $35,417 in real estate taxes. Riley listed his total liabilities… Read more »