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"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.

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The jury of eight delivered their verdict in a Manhattan courtroom at 2 p.m. After almost four hours of deliberations and three weeks of trial bruises. The two men, who had shot and go to the Opera, quickly left the Court.

Decision can loosen the handshake m. on EMI, home of the Beatles and Van Morrison, that his company capital Terra Firma purchased just before the financial crisis in May 2007 with a loan of. 7bn ￡ 2 Citi.Investisseurs, including the Canada pension plan are proposing to invest 200 million from ￡ by EMI to ensure that it does by default on loans.

Mr. hands had sought $represents (￡ 4 United) of damages and interests of the American Bank after claiming Mr. Wormsley deceived him paying too much for the label of musique.Plus specifically, Mr. hands testified that Mr. Wormsley told in three of the telephone conversations on the weekend prior to the date limit of 21 May this American company that Cerberus for submission. Terra Firma offered p 265, control winning label music that Mr. hands eyes first more than 15 years ago, but was now faced with a dramatic record sales decline.

"It was not solid evidence," said Dennis Posillico, one of the jury, said outside the Court. ""They were just calls.

The combination was filed in December 2009, after months of negotiations between Terra Firma and Citi on restructuring now ￡ 3 debt pile EMI to nothing.The verdict comes as a relief to the banks that gave billion to buyers when the debt was good market and private investors from Terra Firma a way to get the most from ￡ billion spent on EMI.

Citi, which has always denied the allegations, has welcomed the verdict, describing Terra Firma claims such as "nothing more than an unwise to obtain leverage attempt" in pourparlers.Terra Firma said he was disappointed and may lodge an appeal against the decision.The prosecution has always been a bet for Mr. hands. ""To continue your banker is something you would like very, very last resort," he told the Court.

If Terra Firma default on loans, Citi will have the right to take control of one of the most cherished in the history of recorded music labels.

CITI has already written on the loan, was found be troubled by the Bank, shortly after the Terra Firma completed the agreement early August 2007 by issuers $.

Mr. hands said the Court that he would have paid much less if he did not believe that he had to bid at a certain price 21 mai.EMI, with main offices in London and New York, is now a value 1 ￡ 8bn, according to Mr. hands.

EMI Director Roger Faxon Thursday aimed at providing guarantees to employees and the EMI artists verdict does not change its objective of "delivering positive results". operations label improved their performance in the last fiscal year, despite losing artists such as Radiohead and the Rolling Stones since Terra Firma has supported.

Force legal test has seen a show by two lawyers - Ted Wells for Citi and David Boies to Terra Firma - judge Jed Rakoff described as equal with everything that he had vu.M.Wells described Mr. hands as someone trying to blame when he discovered that his "magic sauce" worked on EMI.Les 51 years estimated that "he could beat technology and get purchase records new children", but failed, said Mr. Wells.

According to Mr. Boies, Citi was fairness he had buffeted side by the Board of EMI, who has long been the Counsellor head - and was hungry for fees, M. Wormsley used its close relationship with Mr. hands for that Terra Firma paid ￡ 4 5.3 for EMI on the fateful day in May.

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Mr. Wormsley said in Manhattan Court that in May 2007 Mr. hands was implicit in a conversation with Simon Borrows, who headed the sale of EMI, that Mr. Wormsley finds an offer of 240 p share is acceptable to the Board of the EMI. "I was furious," the banker Citi said jurors, adding that he had received a voicemail from the hands of Mr. excuse but has since been removed.

CITI and Mr. Wormsley are charged by Mr. hands, the founder of capital company Terra Firma, trick him into insufficient for EMI claiming there is another bidder.Mr. mains alleges that in three telephone calls on weekends before the final bids were due Monday, May 21, Mr. Wormsley told him that Cerberus, a rival company, went to bid, 262 p a part.Citi denies the allegations.

Mr. Wormsley also told jurors that his bonus had nothing to do with fees that Citi realized when he lent money to Terra Firma buy EMI. "Rapid response was that I received no benefit in my bonus funding," he said.

Advocates of Terra Firma told the Court that in early 2007 Citi was furious, that it is not assigned a role by EMI in the securitization of its Music Edition entreprise.Ils feared also that another bank was appointed Chief EMI on its sale by John Gildersleeve, Councillor new President of the label of music. ""We [Citi] want to be pushed, obviously not", said Mr. Wormsley.

CITI was paid for advice Wormsley M. Advisor of the EMI, as well as the. 6bn ￡ 2 that he lent to Terra Firma to help buy the music group.

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The UK funder has been challenged by counsel for the Citi more why he continued to seek an agreement with Citi on debt EMI Summer 2009 while believing he was deceived by the Bank to pay too much for the music label. "I think that fraud is a word very, very strong and I was trying to find a path without destroying any relationship between the Citi and us," Mr. said that the last day of a bruising hands first week of trading in Manhattan drew to a close.

Terra Firma capital private investment company founded by Mr. Hands, says Citi billion in damages, alleging that in May 2007, the deceived us Bank Terra Firma to too high a bid for EMI, society of music with the Beatles a stable.

More specifically, the hands of Mr. alleges that David Wormsley, head of banking investment UK Citi and an old friend of Mr. Hands, three times during the weekend before submissions were due to the Cerberus, a rival company, would pay a certain price, knowing it was pas.CITI denies the allegations. Theodore V Wells, senior counsel, Citi, asked Mr. hands, if he believed that he had been misled by M. Wormsley it do not call him during the summer 2009 before eventually filed a lawsuit in December of the same year.

Mr. hands told the jury that it would be inappropriate, although he said that talks to restructure debt EMI that Chad Leat, a senior at Citi, he felt that he had been misled.The American Bank lent Terra Firma ￡ 6bn to 5.3 ￡ 4 for EMI, one of the last purchase 2 Deals sealed before the financial crisis swept markets.

Several hours of cross-examination, Mr. Wells has challenged the hands of Mr., within hours of Terra Firma submit their final bid on the morning of Monday, May 21, he was already an indication that Cerberus can not made a final offer.

The Court has shown an email forwarded to Mr. hands by Andrew Dowler, a leader of public relations has hands of Mr. as client.Le E-mail lists issues that newspaper the Financial Times (FT) knowledge would have been auctioned for EMI Monday, with the third of four points ball reading "Cerberus is."

Mr. Hands, 51, told the Court that "I don't know even if I've read it (e-mail)" and that "the FT get bad things on a totally consistent basis.

Mr. hands is due to finish testifying before Mr. Wormsley, who spent sitting week a line behind his former client, take stand later that day is Monday.

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In the third day of the trial in New York, the UK funder handed over to the transcript of a speech he gave to employees of the EMI, in September 2007, in which he told them "60pc 70pc of my fortune is dependent on how the IME performs".

Senior Counsel, Citi, Theodore V Wells asked Mr. hands: "no true a you trial because you want to blame someone else for your purchase of EMI"? Mr. hands replied: "No, this is not correct."

The 51 - year also refused was concerned Terra Firma receive proceedings of its own investors on its acquisition ill-fated ￡ 4 5.3 label music in May 2007, or that he was concerned, it would be impossible to raise new funds to investors.

Terra Firma says Citi billion in damages, alleging that David Wormsley, head of the Investment Bank, banking, wrong from the hands of Mr. suggests that he needed to submit a bid for ￡ 4 5.3 for EMI Monday, May 21 by .the ' agreement was one of the last made before the financial crisis and, according to Mr. Hands, the value of the IME has now fallen ￡ 1 8bn.CITI rejects all allegations.

In a day of intense cross-examination, Mr. hands has been challenged on three alleged calls made by Mr. Wormsley for three days before 21 May - the conversations in which Terra Firma alleges star banker of Citi in London, said Mr. hands a rival of private equity firm was ready to submit a tender, knowing that he was not also.

In a strive to raise questions about memories from the hands of Mr. event, Mr. Wells requested capital boss why is he remembers three telephone calls, but not the details of a meeting on the morning of May 18 that where an internal document of 160 pages recommend a bid for EMI was discussed.

A document of 160 pages "is not the most memorable thing in life," said Mr. hands.

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The first day of one of the tests more since the financial crisis, Theodore V Wells, senior counsel, Citigroup, said jury: "hands of Dr. believed that he had with the golden touch, and it has done for a while - until he purchased EMI."

Terra Firma capital private investment company Mr. hands is based, alleges that David Wormsley, head of the UK investment banking at Citi, wrong to pay ￡ 4 5.3 IME 2007 lying him another bidder was still interested.

Terra Firma claims that the weekend of 19 and 20 May 2007, Mr. Wormsley said hands that Cerberus, a rival company, went to bid 262 p a share for EMI before closing date 21 mai.Terra Firma offers 265 p a share in the morning, ￡ 2 6bn of Citi to fund the loan agreement.

Mr. Wells told the Court in New York that Mr. Wormsley, a friend and Adviser of long-time Mr. Hands, had never lied to Mr. hands and there is has no meaning for him.

In an exchange of statements of openness, David Boies, lead counsel for Terra Firma, alleged that Mr. Wormsley, who was counsel EMI, lied to Mr. hands as he wanted fresh secure Citi as Advisor and EMI as a lender to Terra Firma.

"Wormsley was to play both sides of the street at the same time", Mr. Boies stated in his speech which also saw him claim that Mr. Wormsley had betrayed trust, Mr. hands has invested in him.

Mr. Wells claimed Terra Firma and Mr. hands had not acted like victims of fraud to wait more than two years, to the filing of the poursuite.Il stated that Mr. hands had discovered Cerberus not bid in September 2007. ""If they thought they were lied, you would have thought they have picked up the phone for David Wormsley and said," you lied to me "," said Mr. Wells.

The morning opened with the selection of nine jurors .the ' case is scheduled to last up to three weeks.

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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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