The poor Hipgnosis elephant doesn't look too happy. The fund was established as an investment trust by Merck Mercuriadis in 2018 and listed on the London Stock Exchange. It has been one of the key players in the catalogue boom, snapping up rights to songs recorded by artists including Beyonce, Shakira, Blondie, Neil Young, Fleetwood Mac, Red Hot Chili Peppers, Journey, Barry Manilow, and many more. However, last week it was plunged into turmoil due to low revenue predictions and a cancelled dividend – plus a controversial offloading of certain catalog to another fund owned by... Merck Mercuriadis. The company's AGM this Thursday saw shareholders revolt, leading to the cancellation of the catalog sale and the ouster of the board and Chairman. Hipgnosis' board will need to put forward proposals to reorganise the fund in the next six months, which could range from complete reconstruction to winding up of the company. Suddenly, what Merck billed as an investment that could only rise in value like gas and oil looks anything but. Watch our Music Industry Mondays discussion and audience debate from Monday here – including an audience vote on what they'd do as shareholders