I got sick to my stomach when I heard that the venerable Rhythm & Hues was going bankrupt. Sure, there's been a lot of speculation about what went on to bring R&H to its knees. I've said elsewhere that it collapsed from within due to heavy overhead. Well, I was only a tiny bit right about that. Finding out what really happened has been difficult. I've managed to have conversations with a number of people in positions to know who wish to remain unnamed. I've gotten diametrically opposite opinions at times and had to seek third- or fourth-party input. In the end, what I have makes sense, and I've shown it to knowledgeable people and asked if I was being reasonably correct and fair. After a number of revisions and re-writes, I'm quite certain this is what happened. Be aware that I have long been a fan of R&H, but I have done my best to remain objective here.