Congratulations to Alain Levy for walking away from EMI with £4.6 million – that’s nine million greenbacks in America – in severance pay. That’s his reward for leading the company to a £246 million annual loss and into the hands of equity aliens who will strip EMI of whatever remains of its artistic motivation.
In the bad old days, Alain used to attack me for doing down the classical record industry. His payoff represents five years’ production budget for a mid-sized label like Hyperion. I wonder which of us was doing down the business and which of us was trying to save it from lunacy.