Financial Times FT.com

Insight: CDO holders face tranche warfare

By Aline van Duyn

Published: August 14 2008 16:20 | Last updated: August 14 2008 16:20

Signed in blood, the contract between Britain’s Factory Records and its artists was worth nothing to the label.

The Manchester music label gave artists like Joy Division and the Happy Mondays full control over their music. When Factory Records faced financial ruin, a richer rival wanted to buy it, but a deal was impossible because Factory owned nothing.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this