Deals
Hands Begins Trial of Claim Citigroup Banker Lied on EMI Deal
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Guy Hands, whose Terra Firma Capital Partners Ltd. paid $6.7 billion for EMI Group Ltd. at the height of the buyout boom in 2007, began trial of his claim that he was tricked into overpaying by a Citigroup Inc. banker.
Hands is trying to prove that Citigroup’s David Wormsley lied to him when he said that Cerberus Capital Management LP planned to submit a competing bid for EMI, the 113-year-old music publishing company whose recording stars have included Enrico Caruso, Frank Sinatra, the Beatles and Radiohead.