Historic Instruments to Remain in Country Music Hall of Fame and Museum

Bill MonroeAfter a year of negotiations, instruments once belonging to Maybelle Carter, Johnny Cash and Bill Monroe will remain the property of the Country Music Hall of Fame and Museum as part of a $750,000 settlement, CMT.com reported. The instruments came from the estate of Robert W. "Bob" McLean, who committed suicide in 2007 after being forced to declare bankruptcy. He was a businessman and philanthropist who gave financial assistance to the Hall of Fame to purchase the instruments or donated them outright. The instruments included Monroe's Gibson F-5 mandolin, Carter's Gibson L-5 guitar and Cash's 1968 Martin D-35 guitar, as well as the guitar he used in the "Hurt" video in 2003. Controversy began when McLean was accused of "operating a 'Ponzi scheme,' defrauding investors of more than $67 million over a period of several years," CMT.com reported. The trustee for the McLean bankruptcy estate, Robert Waldschmidt, attempted to recover approximately $1.54 million from the museum.Read the full story here: http://www.cmt.com/news/news-in-brief/1601959/hall-of-fame-reaches-settlement-for-monroe-carter-and-cash-instruments.jhtml?rsspartner=rssFeedFetcherGoogle.