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Back in 2007 “Guy Hands” who runs “Terra Firma” (A venture capital firm in the UK) borrowed money from “Citigroup” (US Bank) so that he could buy “EMI” (Music company). “EMI” (Music Company’s) Board of directors then  appointed “PricewaterhouseCoopers” (an accountancy firm) as the independent administrator. “PricewaterhouseCoopers” (an accountancy firm) thought it was a good idea to let Citigroup (US Bank) to take control of “EMI” (Music Company) because they were behind on payments. “Guy Hands” had no idea that his company “EMI” (Music company) was behind on payments. So that means “PricewaterhouseCoopers” (an accountancy firm) kept “Guy Hands” in the dark. Now “Citigroup” (US Bank) has placed”EMI” (Music company) on the market, and they already have more than 5 companies interested in purchasing “EMI” (Music company) including (Russian-born billionaire Len Blavatnik) who already has taken control of Warner Music Group.

THIS IS considered one of the worst private equity deals in history.

Don’t get me wrong, I know “PricewaterhouseCoopers” (an accountancy firm) has been around for a long time and has a great reputation. But in the music business they are fighting for thousands on the lower levels because of deception. So that billion dollar zone is no exception excluding nobody in a global recession. All I’m saying is that I think Citigroup and “PricewaterhouseCoopers” (an accountancy firm) conspired against “Guy Hands” to take away “EMI” (Music company). I think it was a smart idea for “Guy Hands” to use “Terra Firma” his (venture capital firm) to fund “EMI” (Music company) initially. But I wouldn’t have put PricewaterhouseCoopers on the board as the independent administrator. They were an outside company. I would have appointed someone from the “Terra Firma”(venture capital firm) as the independent administrator. It would have only been right since “EMI” (Music company) was funded by “Terra Firma” (venture capital firm).

(I don’t think Guy Hands should have taken Citigroup to court. He should have just taken PriceWaterHouseCoopers to court.)