West Coast Connection Forum

DUBCC - Tha Connection => Outbound Connection => Topic started by: 2010-thefuture on February 21, 2010, 12:28:42 PM

Title: say good bye to emi
Post by: 2010-thefuture on February 21, 2010, 12:28:42 PM
Say Goodbye To EMI‏
From:  Moses Avalon Preferred 440 list (mosesavalon1@aol.com) 
Sent: Sun 2/21/10 2:23 PM
To:  mm1970@hotmail.com

Announcement:

 

I’ll be intervened on RadioZone FM, with Drew Hoffar thei Sunday night@ 9PM. If you’re not in the Sacramento area you can stream it here 24/7.

 

http://www.radiozone.com/

 

 

Say Goodbye To EMI

=================

Moses Avalon

 

I know, I know. I’m usually the guy who’s very Bullish on the condition of the music business, but this is one story even I cannot spin upward.

 

To save the beleaguered major label, EMI, its owner, Guy Hands has about a month to come up with about $150 Million to satisfy payroll and debts.  In real estate terms, Hands is upside down on his house. He now owes more than he can sell the company for and his bank, Citigroup, is forcing him to foreclose rather than give him the chance to save the label that controls such classic catalogs as the Beatles. 

 

Knowing he can not find a buyer or come up with the money, Citigroup’s unofficial but rather obvious plan is to foreclose, at which point they get their hands on the super valuable catalogs for dimes on the dollar.

 

Normally, when companies this size are in trouble their creditors help out by restructuring the loans.  But not here.  In this case Citigroup, has bitch-slapped Hands and all but said, let it burn. When your own investors want you to fail, there is little hope of survival.

 

Historic music in the hands of bankers.

 

How did this happen?  Could we have predicted it?

 

Answers, details and your comments:  http://www.mosesavalon.com/mosesblog/?p=570

 

 

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Title: Re: say good bye to emi
Post by: 2010-thefuture on February 21, 2010, 12:30:01 PM
whatcha yall think about this?
Title: Re: say good bye to emi
Post by: Action! on February 21, 2010, 01:11:18 PM
Not surprised.  Big banks have been pimping American's for years.  It's quite sad.
Title: Re: say good bye to emi
Post by: Jimmy H. on February 21, 2010, 09:07:02 PM
It really must be depressing to be in the music industry, these days. Shit, I'm pretty depressed just being a fan of music.
Title: Re: say good bye to emi
Post by: 2010-thefuture on February 22, 2010, 09:18:22 AM
they just announced that they are going to give emi one more chance