Three phone calls key to EMI dispute

first_img Three phone calls key to EMI dispute THE legal battle between Guy Hand’s private equity firm Terra Firma and Citigroup looks set to hinge on three phone calls Hands claims he received from David Wormsley, head of Citi’s investment banking division, it emerged yesterday.The case, which begins in New York on 18 October, centres on Hand’s acquisition of music label EMI which he now claims he was duped into paying £4bn for. The record label’s value has halved since the deal in 2007. Hands alleges he was told of a rival bid for EMI of 262p per share from Cerberus by Wormsley in three separate phone calls and was advised by him to bid 265p per share to secure a deal. Terra Firma will also argue Citi had a strong motive to ensure the EMI deal happened, as it earned £6m in fees for advice to the label and £80m for financing the private equity bid.Wormsley is expected to say one of the three calls never happened and the two other calls were about different topics.Citi will cite the flight log for Hands’s private jet and Wormsley’s mobile phone records to say the banker called him twice for about 30 seconds each time – allegedly suggesting he left voicemails – after the plane had taken off. More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org whatsapp Show Comments ▼ Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndo KCS-content center_img Thursday 23 September 2010 8:31 pm Tags: NULL whatsapp Sharelast_img

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