Remember The Postelles? Sorta what the Strokes woulda sounded like if they were a power pop quartet. The Postelles released some great songs “Boy’s Best friend” and “Hey Little Sister” and a rep as an energetic live band. So what happened?
They signed to EMI that’s what happened and between owners equity firm Terra Firma and debtors Citigroup.
Citigroup are owed four billion dollars, Terra Firma want to buy 1.7 billion in new equity if Citigroup forgive a similar amount in debt. According to Peter Laura of the New York Post the sticking point is CEO of Terra Firma Guy Hands “desire to keep control of EMI and Citigroup’s reluctance to take on losses without an equity.
This is all a waiting game till Warner bros swallows em late 2010.
In the interim they are out of money and can’t push new clients like Hockey, Sky Ferreira and the great Postelles. No wonder Radiohead went cowboy.