Guy Hands 'Hopeful' EMI Investors Will Recoup Money
February 23, 2011 at 4:50 AM (PT)
TERRA FIRMA CEO GUY HANDS, who lost EMI to CITIGROUP at the beginning of this month (NET NEWS 2/1) has written a letter to investors saying he was "hopeful" that they will see their money returned. THE NEW YORK POST reports, "HANDS' letter also acknowledged that returning the 5.4 billion euros raised by TERRA FIRMA back in 2007 could be a tall order."
"Given the substantial investment by TFCP III in EMI, this will not be easy, but we are encouraged by the prospects of our other investments in the fund and the potential acquisitions that our team are evaluating," HANDS wrote, adding he was "disappointed that we could not reach an agreement with CITIGROUP (despite great efforts from our side) that would have involved us putting in more equity simultaneously with CITIGROUP writing down their debt."