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“They are trying to twist this for their own purposes.” Merck Mercuriadis’ eyes flash with exasperation. Over years spent managing the careers of uncompromising artists like Elton John, Beyoncé and Guns N’ Roses, the 57-year-old music industry veteran has perfected a demeanor of cordial unflappability. Yet a question skeptics have asked about his 4-year-old company, Hipgnosis, has gotten under his skin. Hipgnosis has spent almost $2 billion to date snapping up 129 publishing catalogs, the work of everyone from hip-hop/R&B producer Ernest Dion “No I.D.” Wilson to  Neil Young to Al Green’s drummer Al Jackson. These are the iconic creative forces behind the great music that Mercuriadis has dedicated his life to, and his company’s purchases have fueled an explosion of music publishing valuations. In theory, a rising tide lifts all ships, but the question irritating Mercuriadis right now is: Who owns those ships? Or, to put it another way, once songwriters sell the

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