well..last week MUSIC GURU: Mr. MOSES AVALON wrote an article that made me laugh..it is not funny at all ,tho!!!!
It is about “major labels”..and perhaps many of us, musicians, wanted to be signed by a major label… well (not my case)..anyway here it is part of what he wrote:
“To save the beleaguered major label, EMI, its owner, Guy Hands has about a month to come up with about $150 Million to satisfy payroll and debts. In real estate terms, Hands is upside down on his house. He now owes more than he can sell the company for and his bank, Citigroup, is forcing him to foreclose rather than give him the chance to save the label that controls such classic catalogs as the Beatles.
Knowing he can not find a buyer or come up with the money, Citigroup’s unofficial but rather obvious plan is to foreclose, at which point they get their hands on the super valuable catalogs for dimes on the dollar.
Normally, when companies this size are in trouble their creditors help out by restructuring the loans. But not here!!!!. In this case Citigroup, has bitch-slapped Hands and all but said, let it burn. When your own investors want you to fail, there is little hope of survival.!!!!!!!!
Historic music in the hands of bankers!!!!.
Hands wants to chop up the company now, but, under the terms of his loan, Citigroup has final say and they say “no,” unless Hands can write the $150 Million check himself.
Lawsuits of “bad faith” are pending.
Some inside sources leaked to mr Avalon that Hands has a fail-safe plan; that all the money he needs has already been raised through his private phone book. So far, however, there is no sign of hope. In the past several months EMI has played shuffle the cards with key executive positions, hoping to revitalize the morale at the world’s smallest “major label.”
NOW saying this… People are probably asking..why GB readers should care?
The answer for that will vary from each one of us…
but mainly it will be UP TO THE PEOPLE to support an artist, and to the artist to be clever enough to reach the public… small labels, blogs, videos, and free stuff will help in this next decade…
Talent will prevail…
This is a definitive decade for music business…
AND WE CAN RE WRITE IT!!!!
and si si THERE IS A SONG:
Gogol Bordello – Bublitschki