Crazy times at EMI
News: 19th October 2010 by Louise Dodgson under Record Labels
About a year ago Guy Hands realised he made a mistake when he bought EMI 3 years ago, and as a result is taking his bank Citigroup to court over the terms of the deal. Hands claims that he was tricked into paying over the odds for the label and was led to believe that a rival bidder was waiting in the wings. The courtcase starts today so it will be interesting to see what comes of it.
Meanwhile, EMI have found some extra funding to plug the deficit in their pension payments. The Pensions Regulator insisted that the shortfall needed to be made up, and this has been yet another financial weight hanging around the shoulders of EMI.
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