Here’s an example of why competition is a good thing in news reporting, and its absence something to worry about.

On Sunday, I reported on some of the money woes facing local promoter Bob Peyton, a key figure in the mess surrounding the University of Hawaii’s cancelled Stevie Wonder concert (“Promoter of failed Stevie Wonder concert facing bank foreclosure on Kailua home“).

Yes, I feel bad digging around in public information about Peyton’s finances, but it is unfortunately a part of the big picture of how this concert deal went awry and how the university’s $200,000 went walkabout. It’s one of those instances where the public interest outweighs the privacy interests of the individuals involved, at least in my view.

Keoki Kerr, now at Hawaii News Now, responded yesterday with a story of his own (“Local promoter of UH Stevie Wonder concert bankrupt, in foreclosure“).

Kerr caught the bankruptcy filing by Peyton and his wife, which I missed in my quick search. I know exactly where I made the mistake. Searching for related cases in the federal courts’ PACER system, I searched for civil lawsuits involving Peyton but didn’t do the broader, “all courts” search that would have included bankruptcy courts. See how easy it is to miss a good piece of a story?

In any case, Bob and Marie Peyton filed their bankruptcy petition on September 30, 2009. They reported assets of $808,007.69, consisting mostly of their home, and liabilities of $941,456.04. Their monthly income was reported to be $1,446.63, with monthly expenses of $5,997.11.

There’s a sad litany of personal property–$500 in cash, another $500 in bank accounts, a $350 laptop computer, some old college books and CDs with no value, Bob’s watch, class ring, and wedding ring together valued at $1,000, her watch, wedding ring, and “three small rings” worth $2,5000. Three pistols and one rifle. A pet duck. Miscellaneous tools worth $150. And a 1985 Isuzu Trooper with 180,000 miles.

Their three companies are listed: BPE Productions, Inc., Bob Peyton Entertainment Corporation, and Niho Mano, Inc. All reported to have no dollar value.

The bankruptcy petition lists $301,710.84 in unsecured debts. There are tens of thousands in credit card debts, some going back as far as 1990. A 2008 personal loan from Bank of American for $47,846. A $54,400 business loan to BPE Productions in April 2009. A Honolulu law firm owed $33,535. And a claim against Bob Peyton and Bob Peyton Entertainment for $63,500 made by Hawaiian Entertainment of San Diego.

In the end, the bankruptcy trustee found no money to pay off any of the debts and the Peytons were discharged from bankruptcy on January 6, 2010. Their personal assets were exempt under bankruptcy laws, and no creditors were paid. So the debts were wiped off the books, including the mortgage, but the mortgage lender was free to initiate foreclosure proceedings to take back the house. The foreclosure is still pending in state court.

It’s not a pretty picture.

The big question: Did university officials know of the promoter’s questionable finances when they contracted with his company to produce the planned concert?

The next questions suggest themselves, as in your old college tests: “If so, why did they proceed with the contract? If not, why didn’t they know?”

Thanks to Keoki Kerr for pushing this story forward.