A New York jury has found in favour of Citigroup in its legal battle with Terra Firma boss Guy Hands, over the company’s acquisition of EMI in 2007.Hands had claimed that Citigroup’s David Wormsley – a former friend – had misled him in the run-up to the deal being finalised, convincing Terra Firma that it was in a bidding war when, in fact, rival bidders had pulled out. The eight-person jury decided otherwise.Hands may well appeal, but whichever way the verdict had gone, it was likely to cause further agitation in the relationship between Terra Firma and Citigroup, with the former having to meet regular covenants on its loans from Citigroup to avoid losing control of EMI to the bank.So, Citigroup won and Guy Hands lost. However, the real question now is whether the outcome will continue to have a destabilising effect on EMI itself, which has been facing the same business challenges as its rival music companies with the added distraction of the Terra Firma / Citigroup clash.
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In the year or so since its launch, AI startup Kaiber has been making waves,…