What's more unpunk than selling out? Filing for bankruptcy. Billboard is reporting that the group that bought the rights to the CBGB name (CBGB Holdings LLC) has filed for Chapter 11 bankruptcy protection. They owe somewhere between $1 - 10 million based on court filings.

Longtime CBGB owner Hilly Kristal sold the club back in 2006, after being evicted by the Bowery Residents Committee. He then made plans to move CBGB out to Las Vegas and sought business partners, which led to today's situation.