That stock News

"The hardest point in the trial was probably 10 minutes before I took the stand for the first time. Counsel that crossroads was considering I was one of the best trial lawyers at the United States. Fortunately, Citi legal team was even better. ?

Wormsley describes the setting of the courtroom as a very foreign environment."The situation in the courtroom is unlike anything I've experienced in my personal life or work f.l. ' is very aware of the seriousness of the situation at any time.

Citigroup banker has found himself in control of one of the most high-profile business litigation in recent history.

It is focused on its role in the auctions that saw the hands to buy for ￡ 4 M & A 2007 boom of EMI.

Hand, EMI was the largest, most publicized its carrière.Il bet by one third of its funds making €5 on music group.But as the bit of tightening of credit, the numbers are more added up.

The transaction had a different complexity: Citi is the only bank willing Hands, her advancing $4 8bn to the agreement of the EMI .but wing banking investment also participated in the auction 2007 for EMI, with Wormsley plays a subordinate role behind Simon Burrows of Greenhill has led the process.

For reasons that he has failed to establish in the courtroom in New York, hands himself convinced that his former friend Wormsley had lied to him of calls, it alleges were made at the end of week before the auction for EMI has conclu.Son charge was that Wormsley told him that a rival bidder was willing to pay more than him e_SEnD leading Terra Firma to add the label.

This is a charge that Citi Wormsley vehemently denied e_SEnD and jury found just as implausible, given his verdict 8 - 0.

"Judicial case was coaster," says Wormsley was before all the days between 9 am and 5 watched: amazement and two former friends spectators seated behind another hand, refusing to watch the Wormsley eyes.

Wormsley as Citi, always had the feeling that the legal battle was conducted as a means of increasing leverage of hands in the debt of the EMI restructuring negotiations.Hands has spent considerable time trying to convince investors to inject new money after EMI banking covenants - knowing that if he failed to Citi would take control of the band, wiping out the sound investment.

Many observers of the situation was surprised the case never reaches the inside of a courtroom, with strong expectations could be settled before a jury had been allowed to decide the rights and wrongs of a battle between one of the largest banks in America and one of the houses of capital over Europe's success.

"I've witnessed a defendant therefore acknowledged that it was of Citi, not me, to decide whether it wishes to deal with the case of Terra made Firma.Je knowledge that, for my part, I didn't not any residual to bad or ambiguity, that involvement is on my actions, even if it meant taking me the stand in court,", said Mr. Wormsley, adding that Citigroup maintained throughout.

"Before the verdict that they showed me two versions of ads should be faite.Dans both cases they clearly that the Organization was standing by moi.Pour that I am very grateful."

Wormsley acknowledged that he was pleased that the case is: "when I heard the verdict, it was an incredibly emotional moment."

"We went for a drink with lawyers to thank them for their hard work and then off the coast for a tranquille.La night dinner was a bit of a blur to be honest, it was a successful night.

"I was very lucky with my clients.Ils were incredibly favourable", he added.

"" At this time I couldn't take on new clients or go and pitch for new entreprises.Je couldn't hold myself here because, in the unlikely event, things were very very bad that I could not have been there long term. ""

Hands only said: "I want to return to the business."

As the profile of high individuals in the case said: "Nobody won - guy comes to lose much more.

View the original article here