Band, Elvin Bishop, Wet Willie, Bonnie Bramlett, White Witch, Hydra, Grinderswitch and the Dixie Dregs. The label belied its reputation by also signing such outliers as Alex Taylor (the elder brother of James Taylor), traditional country legend Kitty Wells, eclectic soul singer Dobie Gray and vanguard hard rock ensemble Captain Beyond (whose second album was produced by Walden). In spite of the label's notable imprimatur, a later distribution agreement with Polygram (contingent on the label's assets as collateral for a multi-million dollar "runway" loan) ended in 1979 when Polygram called in the remaining balance of the loan. After declaring bankruptcy in October 1979, the initial iteration of Capricorn Records folded a year later. Redding's death in a 1967 plane crash was a huge blow to Walden, who had enjoyed a close friendship with the singer since adolescence. He suffered another devastating loss in 1971, when Duane Allman died in a motorcycle crash. Yet Walden soldiered on, creating a small empire in Macon with the label, a recording facility, real estate holdings and other ventures. In 1976, Walden and the Allman Brothers Band played an integral role in financing Jimmy Carter's presidential campaign throughout the primary season. However, as the label entered a fallow period in the late 1970s due to the dissolution of the Allman Brothers Band and the decline of Southern rock as a cultural force, Walden could not acclimate to the ascent of post-punk and new wave music, refusing the opportunity to build relationships with such prospective British signees as Squeeze, Dire Straits and Gang of Four; instead, the latter two groups were signed by Wexler (who had left Atlantic in 1975) to Warner Brothers. Walden dropped out of sight during the 1980s, struggling with cocaine and alcohol dependencies and other setbacks. When he returned to artist management, his anchor was not a rock band but comic actor Jim Varney, whose "Hey Vern" commercials made him a hillbilly icon and the star of a string of movies. During this period, Walden also met struggling actor/screenwriter Billy Bob Thornton, serving as his manager for several years. In 1991, Walden relaunched Capricorn in Nashville, Tennessee via a joint venture with Warner Brothers. The label's first signing was the Athens, Georgia-based jam band Widespread Panic. The label made several changes in partners and ended up at Mercury Records, due to the enthusiasm then-Mercury president Danny Goldberg had for the Capricorn roster,