 He refused to be transferred to another record label without his consent.In May 1979, he filed for bankruptcy and was signed to the new MCA subsidiary Backstreet Records.In early 1981, the upcoming Tom Petty and the Heartbreakers album, which would become "Hard Promises", was slated to be the next MCA release with the new list price of $9.98, following Steely Dan's "Gaucho" and the Olivia Newton-John/Electric Light Orchestra "Xanadu" soundtrack.