Home LIFE ENTERTAIMENT Embroiled in Polemic, Coldplay Countersue Ex-Manager Dave Holmes

Embroiled in Polemic, Coldplay Countersue Ex-Manager Dave Holmes

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Embroiled in Polemic, Coldplay Countersue Ex-Manager Dave Holmes

British band Coldplay has countersued their former manager Dave Holmes. Less than two months after he sued the band over contract disputes and debt.

NME, Saturday (7/10), Chris Martin and other band members claim Holmes owed more than £14 million in damages and allege that he has applied for and obtained two loans from promoter Live Nation without Coldplay’s knowledge.

Coldplay claims that Holmes borrowed as much as US$20 million from the promoter in 2015 at an interest rate of 2.72 percent per year, before he allegedly took out a second loan of US$10 million in 2018 at the same interest rate.

“To the best of our knowledge, Mr. Holmes used the money obtained from the loan agreement to fund property development ventures in or around Vancouver, Canada,” Coldplay said in their court filing at the High Court in London, United Kingdom.

In their claim, Coldplay concluded that Dave Holmes could only obtain a $30 million loan with an annual fixed interest rate of 2.72 percent from Live Nation based on his position as Coldplay’s manager.

The claim also states that Holmes’ $27.1 million debt to Live Nation would potentially conflict with his duty to maintain good relations with the promoter as the band negotiates for Coldplay’s 2021 “Music Of The Spheres” world tour.

The band considered Holmes to have a vested interest in maintaining a relationship with Live Nation to ensure he would have leverage for any form of waiver concerning the terms of the loan.

In addition, the filing states that Holmes is deemed to be responsible for millions of pounds worth of cost overruns on the 165-day “Music Of The Spheres” tour.

The band claims that right before the tour started, costs increased rapidly and they were the ones who bore the brunt of it. In addition, some of the equipment purchased was deemed inappropriate or overpriced, such as a specially ordered stage pole for lighting and video systems costing 10.6 million euros.

There was also a $9.7 million “Jet Screen” visual projection that was deemed to have a dimensional error with a screen so large that it could only be used at ten shows in Buenos Aires. In the end, Coldplay accused Holmes of failing to oversee and control the tour budget.

Holmes began working with Coldplay in 2005 and parted ways with the band last year. In his initial lawsuit, he claimed he helped organize recording sessions, samples, and string arrangements for Coldplay’s tenth and eleventh albums and the band refused to pay for his services.

Holmes’ lawyer, Phil Sherrell, had stated that his client managed Coldplay for more than 22 years and led them to become one of the most successful bands in history.

“Now Coldplay is refusing to pay debts. Accusing Dave Holmes of ethical violations that don’t exist and other fabricated misconduct will not distract from the real issue. Coldplay has a contract with Dave and they refuse to honor it,” Sherrel said.

source: Antara