Yesterday, a Delaware bankruptcy judge approved the company's request to begin liquidating what was billed as the world's first rock 'n' roll theme park and the single-largest tourism investment in South Carolina history.

Hard Rock Park's hard-knock life serves as one of the most colorful examples of lax corporate lending standards during the decade's lending boom. In the case of Hard Rock Park, private-equity investors put up about $75 million and raised another roughly $320 million in debt to fund their vision.