Eric intends to keep his position and not give it ...

2007-04-05T11:55:00.000-04:00

Eric intends to keep his position and not give it up. He is planning to go private, yet the numbers do not work. Roger will not take the role under Eric and will wait for Eric to be ousted. As well, most of the consultants to EMI are with Alain Levy right now in Anguilla (spelling?) for a week stay while he is there for a month. Perhaps that is something in the works?

Did you see the latest news on Private Equity flops that Eric was counting on? See repost below. His time in limited.

Extended play backfires on EMI

Richard Wachman
Sunday April 1, 2007
The Observer

EMI suffered a blow last night when it emerged that one of its former bosses, Jim Fifield, and his private equity backers have abandoned plans to bid for the music group, whose artists include Lily Allen and Norah Jones.

The news is a setback for EMI chief executive Eric Nicoli, who has been criticised by some investors for rejecting a 260p a share offer from Warner, its US rival, a few weeks ago. Nicoli has been courting private equity groups to try and extract a higher bid from Warner.

Last month EMI shocked the City with its second profit warning in five weeks which saw Nicoli oust Alain Levy, head of EMI's recorded music business.
Fifield became known as 'Lucky Jim' for his £12m payoff on departing as boss of EMI music five years ago. He invested some of the proceeds in North Face, the Californian sports equipment manufacturer where he was chief executive.

Observers doubt any private equity bidder for EMI can make the numbers work. The company is experiencing a slow-motion collapse in CD sales as punters download songs instead.

Analysts believe Warner will eventually get its way. Shares in EMI closed up 3p on Friday at 227p, valuing it at £1.8bn.

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Eric intends to keep his position and not give it ...