MUS 16 Lecture Notes - Lecture 10: Allen Klein, Merchant Bank, Investment Banking
Document Summary
Klein threatened the bank w/ a supposed millions-pound debt that nems had accrued to the beatles but offered to forget about it if they would sell the rights to him at a reduced rate. Leonard richenberg, the bank"s director, called the bluff, and let the beatles know that klein was now persona non grata to them. Klein in turn contacted emi and ordered them to send all accrued and future monies to apple"s own merchant bank for redistribution or else he"d ensure that paul made good on his. God save the queen threat from two years prior: w/ no obvious right answer everything went to court. Klein hatched a scheme to have the l-mcc catalogue designated as a nat"l treasure and thus no longer for sale. In 1981, paul attempted to buy back the catalogue for 20m gbp, but the deal collapsed and it was sold to michael. Penny lane was excluded and given to the daughter of.
