It’s reassuring to know how hedge funds work. If they win, they clean up. If they lose, they sue.
Terra Firma, which bought EMI at an inflated price and lost its lawsuit against advisors Citigroup, has just lost a document grabs bid against its accountants. See here. EMI has since been sold by Citigroup to its former competitors, Universal and Sony, and is heading for the breakers’ yard. It’s a sad and shabby episode in the history of the recording business, but the hedge fund makes no apology for its appaling conduct.
It will still be suing when the music stops.