Monday, June 3, 2013

A winning Hands: Honcho gets new shot to prove Citi lied in EMI deal

From the NY Post: Private equity honcho Guy Hands has won an $8 billion do-over.  A Manhattan appeals court yesterday overturned a 3-year-old jury verdict against Hands in his bitter battle with Citigroup over his disastrous buyout of UK record label EMI in 2007.  The 2nd Circuit Court of Appeals awarded Hands’ Terra Firma a new trial after finding that Judge Jed Rakoff misinterpreted the law in his instructions to the jury.

Hands — who claimed Citi banker David Wormsley duped him into overbidding for the ailing music company — was pleased with the outcome of the appeal, according to sources…

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