On This Day, May 5, 1981 ...

Tom Petty & The Heartbreakers released their fourth studio album, Hard Promises.

The album featured the future Petty classic "The Waiting," as well as "Insider," a duet with Stevie Nicks. It was recorded around the same time Petty and Nicks recorded her hit "Stop Draggin' My Heart Around," which Petty and Mike Campbell wrote. It eventually appeared on Nicks' debut solo album, Bella Donna, and went to #3 on the Billboard Hot 100.

Hard Promises' release was delayed when Petty and his label, MCA, went to war over the album's list price. MCA wanted to sell it for $9.98, a dollar more than its other releases. After Petty threatened to call the album Eight Ninety-Eight, MCA backed down.

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