Pink Floyd launched the High Court action against EMI, its record company of over 4 decades yesterday. The court action relates to a dispute over the calculation of online royalty payments and marketing of their music. The band is being represented by Robert Howe QC of Blackstone Chambers who told the Daily Telegraph that they wanted to ”know where they stand as a matter of contract”.

Separately, in even worse news for the company, it has emerged that Pink Floyd and a number of other of its biggest acts are thinking of making an exit. EMI has been struggling since it was taken over in 2007 at the height of the buyout boom by Guy Hands’ Terra Firma Capital Partners Ltd. Last month it posted a 1.5 billion pound annual loss. Worse still Guy Hands’ management style doesn’t seem to be charming his talent.

Bloomberg: EMI’s management style since Hands took over sparked outbursts from several top artists, including Lily Allen and Joss Stone. Industry executives have accused Hands of running the label like a hedge fund rather than a creative shop.

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Radiohead and the Rolling Stones abandoned EMI when Hands took over, and as contracts with Pink Floyd, Queen and Robbie Williams come up for renewal, EMI faces the prospect of one or all leaving.

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Lily Allen early last year told The Word magazine she “hated” Terra Firma. “They don’t know how to run a creative business. They are killing us, frankly.”

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Never mind herding cats, revolting artists. Looks like Hands has his work cut out.