Guy Hands, the man who was inadvertently responsible for the dissolution of EMI, is back, with a $1.1 billion “war chest,” as The Independent reports, at his disposal.

Hands, the head of private equity firm Terra Firma, famously acquired major label EMI for $6.3 billion in 2007, eventually ending up $2.7 billion in the hole. The sale of EMI, the result of mismanagement and crushing debt, made UMG the dominant (by a wide margin) major label after its acquisition of EMI’s recording assets, and made Sony/ATV the world’s foremost music publisher following its acquisition of EMI’s publishing divisions.

Following its failure with EMI, Terra Firma sued Citigroup for allegedly fabricating a competing offer on EMI, driving up Terra Firma’s bid. That case, initially decided in favor of Citigroup, was overturned and will be retried in London after the decision was overturned.

Hands’ new capital will be used by Terra Firma as it always has been — acquiring stakes in beleaguered companies, raising them to profitability, then selling them. “We will still focus on asset-backed businesses that require change, as we always have, but by being creative and imaginative we hope to find a wider range of potential opportunities.”