Good Friday Bredonborough A very
Good Friday
10.09
Bredonborough.
A very busy night. Waking at 04.30, non-industry grief and dissension kept me awake. Falling eventually into sleeping, to meetings with Billy B., a Crafty from Norway of the early years, a crying Wife from the non-industrial dispute, and then to KC management. T Lev was nearby in a corridor. To Tony: I have something important to tell you. The decision had been taken to re-awaken The Beast. This was surprising to me. In dreamland, the decision had been taken.
Rising and to a gardeners’ meeting I…
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III...
Heathen gardeners! But I am grateful for their visiting.
Over the road to World HQ I…
II...
… which is being cleaned. Heathen cleaner! But I am grateful for their visiting. Hooray!
Home to gentle reading.
12.12 Carrying back to the Piddle the packing boxes brought here this week. Then returning to the Home Study to resume a disturbed gentle-reading.
Back out to the Piddle for a semi-Willcox family lunch.
18.03 A good lunch. Home to practicing, grief and dissension of the non-industry kind, and e–flurrying.
On the Good Friday Guestbook…
Bruford and Fripp
:: Posted by cloudscapes on April 06, 2012
Or perhaps Mr. Fripp could just pick up the telephone and invite him over . . ?
When we were both cheering for T Lev at Ronnie Scott’s recently
I did invite Bill to visit for tea, and offered also to travel to Chez Bruford. Our exchanges were entirely friendly and cordial but cakes have not yet been consumed.
RF Diary entry 03.23.12:: Posted by garbonzo on April 05, 2012
"Even in secular life, true contrition involves more than words, says Hamilton Beazly, a New York psychologist...The whole process of making amends involves many steps, not just apology. It entails experiencing sorrow, changing behavior, making reparations, seeking pardon from the wronged party and accepting responsiBILLity (sic) for the harm caused to others. It is possible to forgive someone for inappropriate behavior and still hold them accountable for their previous action." Phew!
This is position of myself towards SG Alder Esq. He is forgiven his actions towards me. And what actions are those, that are being forgiven? Of this, Mr. Alder has made almost no comment.
Incidentally, had Mr. Alder, on April 17th. 1991 not threatened me with legal action to compel me to remain as an EG artist, I might well have continued as such. The departure of KC/RF from EG Records, under the new post-acquisition licensing contract with Virgin Records (1991), was very likely a significant factor in the collapse of licensing deal: Virgin Records terminated it one year later. Similarly, the new EG post-acquisition publishing licensing deal with BMG Music was terminated after two years.
The post-collapse new EG, with the direct involvement of Messrs. Alder & Fenwick newly-returned from property and other non-music business, were unable to attract artists at a sufficient level of success to remain a viable music company. One good end-date for EG Music’s Final Gasp is April 18, 1994: the first day of King Crimson Double Trio rehearsals in Woodstock, New York. This was the day when Billy B formally resigned from his newly-negotiated EG Management contract, re-negotiated after the collapse of the Messrs. Alder & Fenwick’s affairs. Under the terms of that agreement, Bill continued to pay 10% of his income for the next three years.
And on the subject of the Grief that is forgiven, but awaits the making of reparations...
Endless Grief:: Posted by BornCynic on April 03, 2012
One of the reasons I became hooked on your diaries is the insight it gives into the music industry. I therefore read your diary entry of 12th March with interest and would like to raise the following with you (forgive me if you have already considered these points):
1. The intercompany loan of £4 million to Athol & Co. Ltd. - have you followed the money?...
2. Mr Alder describes himself as an FCA - he is therefore a fee paying member of the Institute of Chartered Accountants in England and Wales (website here http://www.icaew.com/ ). He has a high duty of care expected of him as a result…
3. Was Mr Alder a director of EG group for the 1990 audit report? For a chartered accountant to be running a company with such a bad audit report is not good - again maybe a complaint to the Institute might be in order, or it could be added to a complaint under point 2…
4. If the directors of EG ran the company whilst knowing it to be insolvent (was it insolvent?) then they have a problem under the current companies act…
5. Libel - stick to facts, do not use any emotive language and you are fine (which is exactly what you are doing). It is not possible to sue someone for telling the truth…
Hope the above helps. I do not know if complaining to the Institute of Chartered Accountants violates your "Under the Settlement Agreement, Messrs. Alder and Fenwick are protected from any action against them in respect of Endless Grief"…
Mr. BornCynic’s comments are deserving of fuller answers than available on this Good Friday evening. Very briefly, of Mr. BornCynic’s suggestions and comments, the only one I did not investigate at the time was a formal complaint to the FCA.
On trading in insolvency: a highly placed person within EG expressed their fears to me that this was exactly what was happening. I do not doubt their informed assessment. Quick guide…
The UK Record Industry Survey 1993" by Cliff Dane, page 96 on the EG Group Ltd. (formerly EG Music Group Ltd.):
Description
For most of the period included in the table below (1984-91) the affairs and structure of the group were relatively straightforward. It owned EG Records Ltd, now Virgin EG Records, ... EG Music Ltd., a music publisher, music management and property interests. Through the period, the directors received substantial remuneration and from October 1988 onwards very large consultancy fees were paid to Athol & Co. Ltd. (formerly EG Management Ltd.) a company owned by Sam, Alder and Mark Fenwick which was taken out of the group in 1988. From the late eighties things seemed to start going wrong for the group. It is possible that losses on property interests were the key factor in initiating a rapid decline. The problems, shown in the results for 1990 and 1991, led the group to sell EG Records Ltd. to Virgin and EG Music Ltd. to BMG in April and June 1991 respectively. It was noted that the proceeds of these sales were sufficient to clear the group’s net liabilities though the 1991 accounts have not yet been filed to confirm a post-sale condition....It is also unclear whether the sale proceeds of Virgin EG Ltd. and EG Music Ltd. will be used to build a new group, be utilised in clearing past problems or be passed to the shareholders".
The table indicates that the Last Annual Return was due 28-08-92, that the last accounts are late and overdue. At the bottom of Page 86 Mr. Dane comments under "Significant Accounting Policies/Notes":
"- The 1990 auditors’ report was qualified as the overseas subsidiary accounts had not been audited, the auditors were also unable to form an opinion on the recoverability of a debt of £4.0m from a company under the common control of two of the directors being Athol & Co. Ltd. There is no indication of how this debt arose.
- In 1990 consultancy fees of £292K (1989 - £269K) were paid to Athol & Co. Ltd., a company of which Alder & Fenwick were directors.
- The disclosure in the accounts makes it difficult to determine whether the total directors’ emoluments in the summary table includes pension contributions or not. It is possible that directors’ emoluments in the summary table do not include pension contributions which have been as much as £100K per annum".
I met Mr. Dane when visiting and addressing the BPI with David Singleton and Declan Panegyric on
2nd. December 2008 …
Cliff’s reports on the music industry supported my researches into EG at the time of their collapse. What Cliff didn’t know at the time, and we discussed this evening, was the involvement of Messrs. Alder & Fenwick in Lloyds’, particularly the disastrous Marine 475 syndicate.
The debt of £4.0m from a company under the common control of two of the directors being Athol & Co. Ltd refers to the money “lent” by the EG Music Group, ie from Messrs. Alder & Fenwick to Messrs. Alder & Fenwick instead of paying artist income, primarily to cover cash calls from Lloyds’.
Another reason for reading your diaries is to answer the question - what music does a musician listen to? I get glimpses - would you be prepared to list your desert island dics / albums please?
Perhaps another day, but Strauss: Four Last Songs by
Renee Fleming would be one of them.
19.10 Easter Bunny I…
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20.25 A MinxWalk around the town…
