If private-equity honcho Guy Hands is, in fact, lying about Citigroup lying to him about what a great idea it was to buy a record label in 2007, he’s doubling down on it, solemnly testifying in court that he definitely didn't just invent that time Citi’s London investment banking chief told him he needed to offer more for a company that would go bankrupt in four years because Cerberus Capital Management was all set to make a higher bid when in fact no one was planning to bid for EMI at all except Guy Hands. Which is all good practice for when his Suing Citigroup Tour comes back to America.
Guy Hands, the founder of the private equity firm Terra Firma Capital Partners, denied in court on Wednesday that he had made up conversations he claimed he had with senior executives at Citigroup ahead of a disastrous deal to buy EMI in 2007….
“The real reason there is no documentation is because none of it is true?” Mark Howard, a lawyer for Citigroup, said.
“That is not correct,” Mr. Hands said.