At EMI Trial, Citigroup's David Wormsley Spins His Side Of Events

David Wormsley

Accusations continued to fly in a MANHATTAN courtroom YESTERDAY (10/26) in the ongoing trial between EMI owner TERRA FIRMA and CITIGROUP, who financed the purchase of the music label in 2007.

THE NEW YORK POST reports, "After TERRA FIRMA boss GUY HANDS called him a liar, CITIGROUP banker DAVID WORMSLEY gave his former pal a taste of his own medicine YESTERDAY. In his second day on the stand, WORMSLEY said he was actually the victim of a lie told by HANDS during his pursuit of British music label EMI in MAY 2007. WORMSLEY accused HANDS of besmirching his good name by telling an EMI adviser, SIMON BORROWS at GREENHILL & CO., that a bid of 240 pence ($3.80) a share was good enough to win the auction."

During testimony last week (NET NEWS 10/21), HANDS claimed that CITIGROUP's DAVID WORMSLEY "tricked him into overpaying for EMI, a 113-year-old music company, in a 2007 auction."

"I was fuming," testified WORMSLEY. "He used me, he brought me into it in a way that was completely and utterly unacceptable. And I demanded that [HANDS] send written confirmation that I had never made that representation. I couldn't let that lie stand."

EMI could be handed over to CITIGROUP if GUY HANDS and TERRA FIRMA loses this trial. Should TERRA FIRMA prevail, CITIGROUP's reputation could be severely affected.

« see more Net News