The Empire and Its Legacy Are Here To Stay
Financial circumstances encountered, led RMM to file for bankruptcy in November 2000, and subsequently sold its assets to Universal Music Group, according to the United States Bankruptcy Court for the Southern District of New York—and as noted on article by Mireya Navarro|NYTimes on June 7, 2001—unpaid royalties, and a lawsuit settlement of $7.7 million by Glenn Monroig, singer-songwriter and the son of a well-known Puerto Rican balladeer, Gilberto Monroig—worth $11 million plus interest, causing the end of the great Ralph Mercado's RMM Records empire. On June 25, 2001, Universal Music Group (UMG) and RMM Records (RMM) jointly announced the acquisition by Universal of RMM’s assets which comprise one of the most well-respected tropical music catalogs in the industry as well as the future recordings by artists presently signed to the label. The transaction has been approved as part of a Chapter 11 bankruptcy sale subject to the entry of an order by the United States Bankruptcy Court, Southern District of New York. Ralph Mercado bounces back to promotions according to Billboard magazine dated September 1, 2001.
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