Citigroup Asks For Summary Judgement In EMI Battle
September 8, 2010 at 5:47 AM (PT)
CITIGROUP has asked a federal judge to grant summary judgment in its favor and forgo a drawn-out trial in their ongoing legal battle with TERRA FIRMA over EMI. THE NEW YORK POST reports "the two parties have been locked in a legal dust-up, with [TERRA FIRMA CEO GUY] HANDS accusing CITI of duping his private-equity firm into acquiring the now debt-laden EMI. Both sides filed documents ahead of a FRIDAY court date, when a judge is expected to rule on CITI's request to throw out the case."
"The time has come to put this case to an end," attorneys for CITI wrote in court papers. "Thirty-six depositions and millions of pages of documents have failed to yield any evidence that creates a triable issue of fact."
THE POST also reports that sources said three EMI executives -- COO RONN WERRE, along with Presidents of new music NICK GATFIELD and BILLY MANN -- are expected to leave following the appointment of ROGER FAXON as CEO in late JUNE.