Meet the New Boss, Same as the Old Boss

Check out this story ALLACCESS.COM quoted from the Wall Street Journal. Banks rarely let a homeowner get away with something like this; granted a 4.8 Billion dollar loan is a little different.

EMI - London (photo by Omernos at the Wikipedia Project)

THE WALL STREET JOURNAL reportsTODAY (1/28) that, “CITIGROUP INC., which is expected to seize control of EMI GROUP LTD. from beleaguered financierGUY HANDS in coming months, has already made contact with parties that could quickly snap up the historic music company — and Mr. HANDS himself is even among them.”

Two months from now, EMI is expected to default on its roughly $4.79 billion loan from CITIGROUP, which would leave the bank owning the storied record label. The actual exchange of power at EMI is expected to take place three months after a default, but sources told the JOURNAL that CITIGROUP is exploring ways to take control of the business sooner.

Who is on the short list of potential buyers?

THE JOURNAL has a shocker, writing “The most eye-popping name on the list of potential buyers is Mr. HANDS…