I think I know the answer to this but need confirmation....

Our band made 2 albums but only the first was released.
We are no longer signed to the record company.
We were signed to a different publishing company and are still members of PRS.

Q: If we wanted to re-record any of the songs from those albums
we would be free to do this as the record company only owns the recordings
They do not own the songs so we would be free to re-record and release any of them again.

Obviously the record company spent money promoting us but they would not have the power to recoup any of that money via the sales of our re-recorded songs.

Is that correct?

thanks
Pete