He had to have those damn baseballs.

and Maddonas pointy bra.

http://comicbookresources.com/news/newsitem.cgi?id=4568

http://www.usatoday.com/sports/hockey/nhl/2004-12-18-mcfarlane-twist_x.htm

Interestingly enough, McFarlane.com's message board has been taken down for "maintenance".

I wonder if those baseballs can put food on the table?

Looks to me like McFarlane is pulling a fast one.
The bankruptcy sems to only cover the comic book studio. And that has become an increasingly marginal operation for McFarlane. He's much more interested in the (in)action figures put out by McFarlane Toys. And you'll note that MacFarlane Toys, rather than being a part of the bankruptcy, is a CREDITOR. This means the bankruptcy technically won't affect the toy line (and thus McFarlane's main finances) very much.
Also interesting that a number of artists are mentioned as being owed a lot of dough. Guess McFarlane was too busy buying baseballs to write checks for the peole who actually DO create his comics!

If those creators WERE getting stiffed--they're be screaming bloody murder AND actively looking for work. Since that ISN'T happening (and it isn't) I think it's pretty safe to say that something else is going on.