That stock News

In her first interview since the victory of Citigroup Thursday - in which a Board of New York rejected guy hands alleges misleading investment banker on the purchase of music - group he spoke Sunday Telegraph his relief at the end of the legal test of 10 months "rollercoaster".

"This time I could not on new clients or go and tone of the new company,", said the large-scale investment banker. " When I heard the verdict, it was an incredibly emotional.?

Meanwhile, it is understood that Mr. Hands, founder of the EMI-owner Terra Firma, rejected both approaches earlier this year, private equity firms offering to take the music off the coast of its mains.On Group believes that the approaches made by Providence Equity Partners and Apax Partners.

Mr. hands is remained positive, however, and said: "obviously, the verdict is disappointing but Terra Firma and I think it is right to bring this case."

"My focus continues to be my investors, it was in this process, hence Monday morning I return on investment of horses, investing € 2 coin making their which we still invest and maximize the value of the portfolio of €30bn Terra Firma managed on their behalf."

View the original article here

In her first interview since the victory of Citigroup Thursday - in which a Board of New York rejected guy hands alleges misleading investment banker on the purchase of music - group he spoke Sunday Telegraph his relief at the end of the legal test of 10 months "rollercoaster".

"This time I could not on new clients or go and tone of the new company,", said the large-scale investment banker. " When I heard the verdict, it was an incredibly emotional.?

Meanwhile, it is understood that Mr. Hands, founder of the EMI-owner Terra Firma, rejected both approaches earlier this year, private equity firms offering to take the music off the coast of its mains.On Group believes that the approaches made by Providence Equity Partners and Apax Partners.

Mr. hands is remained positive, however, and said: "obviously, the verdict is disappointing but Terra Firma and I think it is right to bring this case."

"My focus continues to be my investors, it was in this process, hence Monday morning I return on investment of horses, investing € 2 coin making their which we still invest and maximize the value of the portfolio of €30bn Terra Firma managed on their behalf."

View the original article here

"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

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.

View the original article here