Lyric discussion by LastDeadRat 

Cover art for Don't Worry Desmond Dekker lyrics by Mighty Mighty Bosstones, The

He's talking about a friend that he's had a falling out with or fallen out of touch with. The references to the bands are about the friend's actual records. He's saying that he's held on to the records that the friend gave with him or that he had borrowed. Saying that the Desmond Dekker record in particular is doing fine.

Also the first line is Hemenway -- as in Hemenway Street in Boston, right by Berklee College of Music (maybe it's a friend he met while the friend was attending music school -- maybe he introduced him to The Clash, The Selecter, and Desmond Dekker?)

Song Meaning

@LastDeadRat Completely agreed. Maybe a friend or a girlfriend. But the rest seems accurate