Faxon upbeat staff memo

ROGER’S REASSURANCES: In an internal memo to EMI employees, who are understandably anxious following last week’s verdict in the Terra Firma-Citigroup trial, CEO Roger Faxon pooh-poohed speculation about plans to sell off the two halves of the company. Splitting up the company would be “utterly idiotic,” Faxon asserted in the dramatic, cleverly written memo. “The tales of doom and destruction for EMI that followed [the verdict] had as much credibility as the idea that I might be the answer to the Yankees’ pitching problems or Manchester United’s defensive woes,” he quipped. Faxon then insisted that both Terra and Citi wanted to keep EMI as one company. He also questioned the likelihood that the prospective buyers “absolutely are not geared up right now to stomach the financial demands of attempting to take over another big company,” and further noting that there would be “no easy route” through the competition issues that would follow on the heels of any bid. (11/12a)