Friday, September 09, 2011

Guy Hands tries to grab EMI back

Given his strategy when in charge of EMI was throwing money away down pointless black holes, it's not surprising that Guy Hands is intending to doggedly fight on to regain the corpse of the label.

He's now chasing a bee that thinks that maybe all the outstanding debts that Citi were calling in had, in fact, been properly serviced:

Hands believes that all payments on debt had been maintained up until Citi took control in February, although EMI was expected to break a test of its banking covenants at the end of the first quarter.
That seems like the sort of detail that Hands should (a) be certain about and (b) have been certain about back during the first test. If you're relying on EMI to flog your records or pay your royalties, you're going to have to hope that Hands just pisses his cash away on lawyers.