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The shock of ￡ represents a titans will be Guy Hands of Terra Firma testifying against his former advisor and friend, Citi deal-maker David Wormsley. It will be alleges that Mr. Wormsley deceived her term until of Terra Firma ￡ 4 5.3 EMI acquired in May 2007 a selling price artificially inflated, giving rise to a claim strongly denied by Citigroup.

Despite the bitter conflict between the two parties, Sunday night that he was still a glimmer of hope an agreement could be struck on the steps in the courtroom that avoid a costly trial and damaging reputationally.

Reports for detailed proposals developed by Mr. hands and Terra Firma weekend that would see Citigroup cancel almost ￡ emitting its loan of ￡ 3 EMI in exchange for participation equity in the company.

In return, Terra Firma likely to EMI equity injection of approximately ￡ billion, with the help of investors such as Canada pension, or break the company selling the music publishing arm.

It is believed that Terra Firma seek ￡ represents the loss of profits, compensation and damages.

A large part of the case is likely to hinge on the testimony of Mr. it hands will be allege that in telephone conversations the weekend prior to its submission for EMI, M. Wormsley him home rival capital that Cerberus was also shortlisted for the label.He will tell the incorrect information has led to a value artificially inflated for the company.

New York Monday courtroom procedure will begin with the selection of six jurés.Témoins Terra Firma will be then called with Guy Hands likely testify first.Witnesses to Terra Firma will also include Tim Pryce, Chief Executive of Terra Firma and Riaz Punja, the man who led the acquisition of Terra Firma.

After as a week of testimony and cross-examination, Citi calls his witnesses, directed by David Wormsley.Lui and Mr. hands are understood to have spent the last few days in New York to prepare test with their legal teams.

Purchase of Terra Firma de EMI, which includes the Lily Allen and Robbie Williams among artists, was at the height of the marché.Citigroup informed EMI and Terra Firma on the agreement as well as finance the debt.

In March, EMI has violated banking covenants on the mountain of debt of ￡ 5.3 3 provided by Citigroup.Il is now facing the prospect of finding millions of pounds of new shares to refinance company. above the company has recently accepted a 197 m ￡, a multi-year to connect its deficit pension agreement.

With so much at stake and the potential for damage claims out at trial, it is believed highly unlikely case that runs the full two weeks.

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