The Dark Side of The Ego Investment: Terra Firma Sued By Pink Floyd
Further proof that finance and rock music shouldn't mix: Pink Floyd is suing music label EMI and Terra Firma, its private equity backer. Terra Firma's ownership has been blamed for the departure of such acts of Radiohead and Paul McCartney from EMI's stable of artists. Now Pink Floyd, its second-best-selling artist (topped only by the Beatles), claims EMI miscalculated its royalty payments. EMI has certainly proven to be a nightmare for Terra Firma and perhaps the biggest misstep of its former leader Guy Hands' career. (Remember the attempted Music-Backed Securities?) He stepped down as CEO after the company was written down by half, causing the firm to take a €1.39bn loss in 2008. The move was regarded as largely symbolic
21 April 2009•2 mins read
