[dfwgator]

“Paperlate” was a reference to a line in one Genesis’ early songs “Dancing With the Moonlit Knight”, there was a line that said, “Paperlate! Called a voice in the crowd...”

Phil was singing the word in the original demo for the song, and it just stuck.

[Dysart]

Ah, so it was more Collins' taking a hook and making all else fit around it and the music? There's really no deep meaning? That would be consistent with much of his writing and success.

But I like my interpretation so much better...