-- Reuters reports Terra Firma has given Citigroup a compliance certificate, a notification of its plan to inject additional equity to meet its debt covenant. Terra Firma does not need to hand over the money until June 14. But the specifics on the additional funds are still cloudy, says Reuters. “It is unclear whether Terra Firma has received acceptances from 75 percent of its investors needed to back its equity injection plan, and whether the money will come entirely from the firm's investors or another source of capital.” (Reuters)

-- The New York City pension fund that has invested with Terra Firma voted against additional funding in EMI, reports the New York Post. The fund represented only two to three percent of the amount invested in EMI. In addition, pension officials say that are displeased Terra Firma charges them a management fee even though it has completely written off its investment. (New York Post)

-- Vivendi’s share price is down 12% this year, Bloomberg points out, and analysts want more than growth driven by video games. Not even a 13% increase in first quarter profits pleased investors. “For investors, Vivendi is more perceived as a value stock, with a significant holding discount,” said one analyst. A holding discount is the discount at which a holding company trades compared to its net asset value. Investors complain that Vivendi is a holding company and not an operational company. Within Vivendi is a diversity of companies. It does not own some of those companies outright – SFR, Canal-Plus, Activision Blizzard, for example. Investors like growth, which they argue Vivendi does not offer, as well as diversity, which they can get on their own without investing in Vivendi’s diverse group of companies. During this week’s earnings call, the company alluded to future acquisitions – perhaps buying out the minority shareholders of one of its companies – with the proceeds of the sale of its stake in NBC Universal. (Bloomberg)

-- Simon Fox, CEO of entertainment retailer HMV Group, will become a non-executive director of Guardian Media Group. (The Guardian)

-- John Grady has left Borman Entertainment Nashville, where he become president in February 2009. Grady was previously a partner at Red Light Management. The departure was amicable, both sides say. “For all of you looking for a juicy story, you will have to make one up,” Grady said in a statement. Borman manages Lady Antebellum, Keith Urban and Alison Krauss. (MusicRow)

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