“They were throwing disco records and burning em. It knocked the hell out of the record industry. They fucked my 3 million dollar credit line at Sun Bank. When you’re doin’ that kind of business you need the banks to work with you. My banker heard on 60 Minutes that “disco is dead” and the Wall St Journal had a big article about it and mentioned TK Records along with Casablanca and a few other companies. The president of the bank called the guy that handles my account, name was Klein, and says, “Don’t we have a company doin’ disco that we do bidness with?”
Guy sez, “Yeah, TK Productions.”
The president of the bank said, “Pull their account, the business is dead.”
And they pulled my account, they pulled my credit line. Make things worse, I had the number one record in the world at the time, KC and The Sunshine Band with “Please Don’t Go.” A ballad by KC. It was number 1 around the world. And Bobby Caldwell was bustin wide open with “What You Won’t Do For Love.” And I had two or three other R&B things cookin’.
The company was swingin when they did that to me. They pulled the plug on my credit and when they do that they notify the pressing plants. The pressing plants put me on hold. The distributors started holding back their money. They figured I was gonna go bust so it become like a chain reaction.
And this wasn’t only me, this was all the other companies, except for the majors, they were able to hold on cause they had hundreds of millions of dollas behind them. And that’s how TK Productions went bankrupt.”
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