Wednesday, January 12, 2011

Terra Firma continue to pursue lawsuit to protect valueless property

It's lovely of Guy Hands to give No Rock And Roll Fun a tenth birthday present, with a move that demonstrates everything the music industry has been doing for the past ten years: blaming someone else for its woes, blindly pursuing legal action that has failed before; tossing good money after bad; alienating the very people it needs the support of; having trouble with the twenty-first century and just generally showing an incapacity to move on. In fact, the story was only a Gennaro Castaldo short of a full house.

Terra Firma have filed an appeal against their defeat in the the lawsuit against their own bankers.

Now, it might be that there's grounds for appeal - although, to be frank, it sounds like Terra Firma have produced a list of quibbles rather than any major flaw in either judgement or process - but the appeal process could drag on for months and months. And every quarter, EMI is finding it harder to meet its financial obligations.

Doggedly fighting on might seem like a heroic action, but Guy Hands is standing in a burning boat arguing about who started the fire instead of calling the fire brigade. This is an act of vanity.