COVER STORY : Ob-la-di, Life Goes On : Paul McCartney was crushed by the Beatles’ dissolution in 1970, but he’s singing a different tune now (about<i> and</i> with the group).

After the breakup of the Beatles in 1970, Paul McCartney thought of naming his first album “I’m the One It Hit the Most,” because he was so devastated by the split. Today, however, he looks back with affection on the Beatles years and their legacy. In a phone interview, he spoke about returning to the studio with rock’s greatest band, but why we shouldn’t expect a tour.

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Question: What was it like, emotionally, going back into the studio with George and Ringo?

Answer: At first, it was just going to be the three of us doing some incidental music for the “Anthology”--maybe just a 12-bar thing. As that moment came nearer, I got less in love with the idea. There seemed to be a hole in the project where John once was. Then the idea came up about asking Yoko if she’s got any unreleased tapes by John. Once that plant started to seed, the more excited I got.

I finally called her and she was surprised because we hadn’t been in great touch. We got together after the 1994 Rock and Roll Hall of Fame dinner where I inducted John, and she played me three tapes. I loved the middle one, “Free as a Bird,” and I said I’d like to have a go at it and promised that if she or [son] Sean didn’t like it that we wouldn’t release it.

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Q: Did you ever think about a fourth voice--either Sean or [John’s other son] Julian Lennon?

A: No, we always felt that would be putting too much pressure on the kids. The whole idea of using the tape was that it would mean the four of us would be together again.

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Q: Did you get chills in the studio?

A: It was strange because I warned Ringo that he’d better have a handkerchief ready when he listened to the tape for the first time, because he’s a very emotional guy, and I know I had a bit of a cry. It’s a powerful thing hearing your friend on a very beautiful song. When we got in the studio, however, it felt like John was there. It was like he had done his vocal and maybe gone off to the toilet or something while the rest of us worked on the track.

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Q: What about doing a concert? Hasn’t there been talk about a $100-million offer for a live show?

A: No. If John were here, sure. It might be something we’d consider. But I’m not keen on the idea of just the three of us together at all.

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Q: Speaking of money, have you heard that Michael Jackson sold half of his ownership of the Beatles’ publishing to Sony? Any feelings?

A: A couple of years ago my stepmother sold my birth certificate and someone asked why I didn’t buy it back. I don’t know, really. I just couldn’t bring myself to do it. It was mine. It cost me nothing and suddenly I had to buy it back. Plus, the fact that someone would sell it was so tacky, so I passed on it, and this is a little bit of the same.

I spoke to Michael a few times [recently] about the whole thing, including maybe changing my [royalty] deal, but it got nowhere. In actual fact, I’m not [disappointed] that it is being sold. Perhaps it is a good thing.

I am not happy with the way Michael has handled it. He was the first of all the owners of the songs to use them in commercials. I think that is a bad move commercially, not just morally. It cheapens the songs. When people come to my concerts, they often hold up candles when we do “Let It Be.” I don’t think they’d do that anymore if the song suddenly became part of an Oldsmobile ad.

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Q: When you see the Rolling Stones still active, do you ever envy their longevity?

A: No, I am quite happy that the Beatles came and went. When you look at the “Anthology,” you’ll see it coming to a natural end. There is even a sort of glory in not having it go on forever. There is a complete body of work that went from A to Z and it is all pretty damn good stuff. The one thing I am particularly proud of is that nearly every single bit of it has some good message. I feel fortunate when I look back. Life is not easy, but I’ve been very lucky--and I’m touching wood as I say that.