The Wall Street Journal has an article on a letter from hedge fund Eclectica Asset Management to EMI Chairman John Gildersleeve. (Article in online today, will probably be in tomorrow's print version. The Times Online also has an article on the letter.) The letter calls for greater "transparency" in the way EMI values its assets. Pointing to how Chrysalis discloses its net-of-royalties revenue, EAM urged EMI to disclose the after-royalty income of its music publishing unit. Such disclosures would help valuate the company and relieve what EAM called "valuation uncertainty and excessive share price volatility."

News of EMI's financial situation is all over the place. Here's some more reading.

• EMI may issue debt, to be backed by its publishing revenues, to pay off almost $2 billion of bonds. (Bloomberg)
• EMI considering a sale of its recorded music business or refinancing its publishing division. See above for just such a financing decision, similar to The David Bowie Publishing-Backed Bond Sale. (The Guardian)