The Tennessean is reporting this morning on the terms of a settlement between MTSU and the estate of Bob McLean. As we reported in October of 2007, McLean defrauded investors of millions and then generously spread the money around. Some of that money went to MTSU and this settlement ends that dispute.

What is still uncertain though, is what is to become of Bill Monroe’s mandolin and Mother Maybelle’s guitar. Both instruments are currently in the possession of the Country Music Hall of Fame and Museum. The museum acquired the instruments using funds donated for that purpose by McLean.

Since his estate has been forced into an involuntary bankruptcy by the investors’ lawsuit, the instruments could be auctioned to put the money back into the estate for purposes of repayment of those debts.

According to The Tennessean article,

The bankruptcy trustee has filed a lawsuit against the Country Music Hall of Fame to retrieve the music industry donations, but that dispute remains unsettled, according to court filings.

It would sure be nice to see those instruments stay with the museum. I guess we’ll just have to wait and see what happens…