David Prosser: End of the road for Hands at EMI
Wednesday 02 February 2011
Outlook The EMI saga is finally drawing to a close. Having taken control of the music company, Citigroup will presumably offload it to the highest bidder, finally removing the uncertainties under which the company's employees and performing artists have been labouring since Terra Firma's takeover began to go so badly wrong.
Guy Hands, Terra Firma's boss, emerges from the wreckage with little credit. It is clear now that he grossly overpaid for the music business almost four years ago – a monumental misjudgement, even if you were to accept his argument that Citigroup conned him into paying what he did by making up a story about other bidders circling.
The US courts, of course, did not accept that argument in December, when a jury quickly and unanimously ruled there had been no Citigroup fraud on Terra Firma. That judgement left Mr Hands looking like a sore loser as well as a bad judge of EMI's true value. Now he has paid the price.
And why are 'southern' ways of speaking spreading north?
Ten best places to live in the UK: Solihull comes top
Mysterious glowing ‘alien-like creature’ spotted in waters of Bristol Harbour. A jellyfish - or something fishy?
From 'terrorist' to tea with the Queen
UK weather: More surge tides forecast after thousands evacuated along east coast
Nelson Mandela death: his life in pictures
- 1 Cameron's freebie to apartheid South Africa
- 2 Nelson Mandela life story: An unconquerable spirit
- 3 Is this the scariest advert ever? Japanese tyre commercial comes with its own disclaimer and health warning
- 4 A forgotten episode in Russian history leaves links with the Philippines
- 5 From 'terrorist' to tea with the Queen
iJobs Money & Business
£450 - £500 per hour: Cornwallis Elt : Business Analyst Finance System Hy...
£400 - £550 per day: Cornwallis Elt : BUSINESS ANALYST- OPERATIONS- PRIVATE B...
£50000 - £65000 per annum + benefits + bonus: Harrington Starr: Market Data SM...
£50000 - £70000 per annum + benefits + bonus: Harrington Starr: Business Analy...