After weeks of accusations in the media by Terra Firma about the handling of their purchase of EMI back in 2007, Citigroup have won the court case.
With Terra Firma buying EMI for £4 Billion even though it's worth £1.8 Billion they wanted £5 Billion, though reduced to £1.5 Billion at trial. Though now it seems the tables have turned. With Terra Firma losing the court case they could have to relinquish EMI to Citigroup after £2.6 Billion in loans to Terra Firma.
Guy can't claim that it was just a quick decision as it took more than 4 hours over 2 days for the jurors to deliberate their verdict.
The shame is that neither side has come out of this looking brilliant and the truth is that reputations for both have obviousley gone done ever since the suing in December 2009.
Source: http://www.guardian.co.uk/business/2010/nov/04/guy-hands-citigroup-claim-fails
Picture Source: http://www.nypost.com/rw/nypost/2009/12/12/news/photos_stories/cropped/025_guy_hands--300x300.jpg
Well done. You will need to incorporate this news into your understanding of EMI generally and how it fits into your understanding of the music industry.
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