A New York jury has found in favour of Citigroup in its legal battle with Terra Firma boss Guy Hands, over the company’s selling of EMI in 2007.
Hands had claimed that Citigroup’s David Wormsley had misled him in the run-up to the deal being finalised, convincing Terra Firma that it was in a bidding war when, in fact, rival bidders had pulled out. So, Citigroup won and Guy Hands lost. However, the real question now is whether the outcome will continue to have a destabilising effect on EMI itself, which has been facing the same business challenges as its rival music companies with the added distraction of the Terra Firma / Citigroup clash.
Hands had claimed that Citigroup’s David Wormsley had misled him in the run-up to the deal being finalised, convincing Terra Firma that it was in a bidding war when, in fact, rival bidders had pulled out. So, Citigroup won and Guy Hands lost. However, the real question now is whether the outcome will continue to have a destabilising effect on EMI itself, which has been facing the same business challenges as its rival music companies with the added distraction of the Terra Firma / Citigroup clash.