This article is from the R.E.M. FAQ, by Ron Henry (rgh3@cornell.edu) with numerous contributions by others.
While many people would have looked forward to such a project and have
hoped something had been accomplished before the Nirvana singer's untimely
suicide, according to Stipe they had only traded correspondance about such
a project and nothing was composed or recorded. One of the ironic tragedies
of Cobain's final months was his expression of admiration for the way
R.E.M. had handled their superstardom, though, as Stipe pointed out, they
were lucky it took years for them to reach the point and learn to adapt to
the strain of the media spotlight.
 
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