EMI Bought With NYC Pensions, Terra Firma Wants Its Money Back

EMI Bought With NYC Pensions, Terra Firma Wants Its Money Back http://www.tinymixtapes.com/sites/default/files/news-10-02-emi-mon.jpg

We recently reported on some troubling developments at EMI involving employee layoffs and budget cutbacks. Well, it turns out that the company’s losses could end up affecting not just the folks who work there, but also many people employed by the city of New York.

In a bizarre twist of corporate finance, the pension funds of some NYC public employees are apparently tied to the success or failure of the British record label. It’s complicated, but we’ll try to explain:

EMI was acquired back in late 2007 by private equity firm Terra Firma. During the takeover, Terra Firma pulled $2.35 billion from its cryptically named investment funds Terra Firma II and Terra Firma III to help seal the deal. According to an article run by Billboard.biz, those funds include “pension funds, life insurance companies, college endowments and other institutional investors.” Pensions of state employees all across the nation, from Oregon to Indiana, are attached to Terra Firma’s investments in EMI. But the plight of NYC employees is being highlighted in a lawsuit Terra Firma has brought against Citigroup, the bank that brokered the EMI buyout back in 2007, for misrepresenting the deal. Terra Firma alleges it paid too much for EMI because Citigroup lied in claiming there were multiple bids for the label.

It’s certainly a tangled web. Let’s just hope a solution can be worked out so that EMI can keep making those records, and NYPD retirees can rest assured they didn’t work the beat in vain.

ATP New York 2010 Announces Guest Curator Jim Jarmusch

The All Tomorrow’s Parties festivals have always had an impressive record of guest curators. We reported earlier that the two UK events this year are being put together by Matt Groening (May 7-9) and Pavement (May 14-16). And in the past, events were curated by the likes of My Bloody Valentine, The Breeders, and Thurston Moore.

The third ATP New York is scheduled for Labor Day weekend, September 3 to 5, and will be held at Kutsher’s Country Club, Monticello.

Those few days were already looking worth the money (even if you’ll be missing an arm), but a new announcement just upped the ante. On Friday, September 3, such legendary bands as Iggy and the Stooges, Mudhoney, and Sleep are performing some of their most iconic albums as part of ATP Don’t Look Back. Saturday, the lineup thus far includes Sonic Youth, Explosions in the Sky, The Breeders, Fuck Buttons, and The Books. But hold onto your hats, ladies and gentlemen, because it only gets better.

ATP has just announced that filmmaker Jim Jarmusch is the guest curator for Sunday, September 5, and he’s already come out with his first picks:

• The Brian Jonestown Massacre
• Raekwon
• Girls
• Fucked Up
• Wooden Shjips
• The Black Angels
• Vivian Girls

There’s no need here to enumerate Jarmusch’s connections with music and musicians, which are many and known to probably just about every music geek in the 16-to-49 age bracket. A few examples for the hell of it: the RZA did the entire soundtrack for Ghost Dog: The Way of the Samurai. Tom Waits starred in Down By Law and joined Iggy Pop in Coffee with Cigarettes. Jarmusch introduced countless numbers of disaffected youth to Ethio-jazz with Broken Flowers. sunn 0))) and Boris were included in the soundtrack to The Limits of Control (TMT Review). And those are just the obvious associations.

Unlike most of Jarmusch’s work, however, the day will most likely not be slow, quiet, or contain Roberto Benigni.

• All Tomorrow’s Parties: http://www.atpfestival.com

RIP: Doug Fieger, lead singer of The Knack

From the BBC:

The lead singer of The Knack, Doug Fieger, who co-wrote the hit “My Sharona,” has died at the age of 57.

Fieger, who died on Sunday at his home in Los Angeles, had been battling cancer, and had undergone surgery to remove brain tumours in 2006.

“Our hearts are broken, we will miss you Doug,” his band members posted on The Knack’s official website.

• The Knack: http://www.knack.com
• Doug Fieger: http://en.wikipedia.org/wiki/Doug_Fieger

MTV Drops “Music Television” From Logo

This has been coming for years. By all accounts, MTV has sucked for a real long time now. Lately, it seems to only care about reality shows, silent libraries, lame dance crews, and Snooki’s tits, all of which are aimed at 14 year olds who or may not become pregnant soon. So, it comes as no surprise that MTV has dropped the words “Music Television” from its logo. It has officially realized that it can no longer keep using the word “music” so prominently in its logo without looking even more idiotic. But what is the “M” gonna stand for now? Monotonous? Mind-numbing? Mandy? Moore?

• MTV: http://www.mtv.com

The Fiery Furnaces Promote I’m Going Away By…Well, Going Away; Tourdates Announced

Sometimes an artist’s songs are a window into his or her personal life. It’s almost a cliché now to talk about how Rated R was therapy for Rihanna after Chris Brown. In 2009, The Fiery Furnaces released a 12-inch single called “The End Is Near,” but this is one instance in which you shouldn’t read into the lyrics. Before the close of last year, the brother-sister team also released a full-length album, I’m Going Away (TMT Review), and a curious collection of covers off the former, entitled Take Me Round Again. The end is not near, and the Friedbergers are definitely not going away anytime soon — except on tour.

If you didn’t make it to any Fiery Furnaces shows last year, hopefully you saw them on one of their tour dates in the US this January. Otherwise, you can always fly out for these upcoming dates, ending with the Pavement ATP festival.

02.17.10 - Strasbourg, France - La Laiterie
02.18.10 - Paris, France - Trabendo
02.19.10 - St. Malo, France - L’Omnibus (La Route du Rock)
02.20.10 - Bordeaux, France - L’Espace Satrie
02.22.10 - Barcelona, Spain - Razz 3
02.23.10 - Madrid, Spain - Moby Dick
02.24.10 - Valencia, Spain - El Loco
02.26.10 - Lisbon, Portugal - Santiago Alquimista
02.28.10 - Istanbul, Turkey - Indigo
03.02.10 - Athens, Greece - AN Club
03.11.10 - Mexico City, Mexico - Pasaguero
03.12.10 - Monterrey, Mexico - Garage
03.13.10 - Guadalajara, Mexico - Larva
05.15-17.10 - Minehead, UK - Pavement ATP Festival

Also check out The Fiery Furnaces’ new video for “Even in the Rain” (from I’m Going Away), directed by Scott Jacobson and starring John Oliver (The Daily Show), Jon Wurster (Superchunk, The Mountain Goats, Scharpling and Wurster), Ted Travelstead, and Jason Loewenstein (The Fiery Furnaces’ bassist, Sebadoh) — plus Matt and Eleanor Friedberger. It even features Dennis Hopper and Peter Fonda… sort of.

• The Fiery Furnaces: http://www.thefieryfurnaces.com
• Thrill Jockey: http://www.thrilljockey.com

Police Arrest Several Swedes in File-Sharing Swoop; Claim That Fire is Best Way to Fight Fire

The IFPI, the evil legion of record companies, has struck another blow against file-sharing by using IPRED legislation in Sweden to force police to take action against illicit file-sharers.

Police recently raided file-sharers, suspected of sharing between 9,000 and 17,000 tracks, in five separate locations: Gothenburg, Docksta, Handen, and Upplands Väsby. One 28-year-old man, suspected to be the hub owner, was arrested while others had their equipment confiscated.

Speaking with Swedish radio, IFPI Sweden’s chief executive Lars Gustafsson announced that “This business is still too large. There are so many new and good options there is really no reason anymore for people to steal music.”

In contrast, Rick Falkvinge, leader of the Swedish Party, criticized both the raids, and the IPRED legislation that made them possible, saying, “When the police go in and take people’s private computers because they have shared music, it’s completely wrong.”

Beware (if you are Swedish and run a illegal music hub).

News

  • Recent
  • Popular


TMT IS SEEKING NEWS WRITERS

Click here to apply