So here is the lowdown on Citigrpup- Terra Firma – EMI
1. EMI have a strong publishing arm but the rest of their biz was going South for the winter.
2. Citigroup suggested Terra Firma buy it.
3. Terra Firma did so.
4. Terra Firma got saddled with so much debt, they couldn’t repay it.
5. So they sued Citigroup.
6. Citigroup won.
7. Terra Firma could keep up with payments.
8. Citigroup bought EMI off Terra Firma
9. Payed off 65% of the debt making EMI much more interesting to other record companies.
10. Who want the publishing.
11. Either Warner brothers or BMG.