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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