Terra Firma

  1. Former EMI Owner Terra Firma Seeks Appeal in Lawsuit Against Citigroup

    October 05, 2012 3:09 PM EDT Terra Firma Capital Partners LP has asked a U.S. appeals court for a new trial over its claims that it was deceived by Citigroup Inc. while bidding for EMI Music, according to numerous reports . The case originally went to trial in October 2010. A ...

  2. Guy Hands Launches New Lawsuit Against Citigroup Over EMI

    September 08, 2011 2:05 PM EDT Terra Firma chairman Guy Hands has instigated legal proceedings against Citigroup over the way it acquired EMI, according to reports. U.K. newspaper The Guardian claims Hands has applied to the high court requesting information about the condition ...

  3. EMI: A Look Back At The Guy Hands Era

    February 02, 2011 6:09 AM EST Citigroup's takeover of EMI finally brings to an end Terra Firma's incredible three-and-a-half year ownership. Purchased for £4 billion ($6.3 billion) in May 2007 at the height of the credit market, EMI turned out to be a disastrous inve ...

  4. Business Matters: Terra Firma To Appeal Citigroup Ruling; WMG's Revenue Forecast Drops; RapidShare Fights For 'Free Speech'

    January 11, 2011 12:00 AM EST Terra Firma To Appeal Technical Aspects of Citigroup Case -- Terra Firma has filed for leave to appeal and will challenge technical aspects of its trial with Citigroup, Private Equity News reported on Tuesday. Terra Firma will not challenge the ve ...

  5. Business Matters: Terra Firma Close to Losing EMI, Reports Say

    December 13, 2010 12:00 AM EST Opinion and analysis of the day's music news. TERRA FIRMA COULD LOSE EMI BY CHRISTMAS -- Reports out of the U.K. claim Terra Firma could lose EMI by Christmas. The paper said Terra Firma chief Guy Hands has told investors to expect the worst ...

  6. Report: Warner Planning Bid For EMI's Record Company

    November 15, 2010 12:00 AM EST Warner Music is planning a £470 million ($750 million) bid for EMI's recorded music division, according to media reports over the weekend , and may file a proposal with Terra Firma in the next few weeks. This news comes less than two weeks af ...

  7. Business Matters: Terra Firma, Tammy Genovese, Pandora and more

    November 01, 2010 12:00 AM EDT Opinion and analysis of the day's music news. How Much Could Terra Firma Be Awarded In Lawsuit? -- The Wall Street Journal humorously downplays the impact of huge – but reduced – potential damages in Terra Firma’s lawsuit against Citigroup. L ...

  8. Citi Banker In Trial Over EMI Says Truthful To Hands

    October 25, 2010 12:00 AM EDT Citigroup Inc banker David Wormsley, testifying in a civil fraud trial pitting the word of Terra Firma private equity chief Guy Hands against his, said on Monday he was "always truthful and honest as I could be" with Hands. Wormsley wrot ...

  9. Terra Firma vs. Citi Day 2: Did Allegedly False Info Lead To Inflated EMI Price?

    October 19, 2010 12:00 AM EDT In the second day of the Terra Firma/Citigroup trial in New York, lawyers for the plaintiff tried to show how allegedly false information provided by Citigroup helped to stampede the private equity firm into paying an inflated price of 4 billion p ...

  10. False Assumption Led To EMI bid, Hands Testifies

    October 19, 2010 12:00 AM EDT Guy Hands bid for storied music company EMI in 2007 based on false statements from a Citigroup banker that there was a rival offer he had to beat, the British financier told a jury on Tuesday. Hands, who founded Terra Firma Capital Partners, took ...

  11. Terra Firma vs. Citi: Trial Opens With Battle of Dueling Timelines

    October 18, 2010 12:00 AM EDT The first day of testimony in Terra Firma's lawsuit against Citigroup began as a battle of dueling timelines. In questioning Terra Firma's Tim Pryce, who is currently CEO for the investment firm but was general counsel at the time of its ...

  12. New York Jury Asked To Identify Lies In EMI Dispute

    October 18, 2010 12:00 AM EDT A New York jury was asked on Monday to decide who may have lied in a dispute over a Citigroup-backed, $6.4 billion buyout of legendary music company EMI by British financier Guy Hands in 2007. The outspoken Hands and his onetime Citigroup banker f ...

  13. Buyout Firm: Citigroup Cheated In EMI Auction

    October 18, 2010 12:00 AM EDT A lawyer for a British private equity firm has told a jury at the start of a civil trial that the firm was tricked by New York bank Citigroup into paying billions of dollars for the struggling music company EMI in 2007. Attorney David Boies said C ...

  14. Business Matters: EMI, Jammie Thomas, 'Napster Moment' For Ebooks

    October 18, 2010 12:00 AM EDT -- The Terra Firma-Citigroup case starts in a New York City court today (Oct. 18). If the case is going to court, that means the two sides didn't reach the settlement that some in the media were painting as a real possibility before the trial ...

  15. Terra Firma's Hands in NY Trial Battle vs. Citi

    October 18, 2010 12:00 AM EDT A fraud claim by British financier Guy Hands against Citigroup Inc over his $6.4 billion buyout of legendary music company EMI in 2007 went to trial in New York on Monday (Oct. 18), the two sides apparently unable to settle their dispute out of co ...

  16. Business Matters: Terra Firma, MySpace, Skyline and more

    July 02, 2010 12:00 AM EDT REPORT: TERRA FIRMA OKs FUTURE FUNDS -- A report says Terra Firma has approved a resolution on June 10 that would allow it to inject another £500 million ($759 million) into EMI Music. That resolution gives EMI parent company Maltby Capital the ri ...

  17. Business Matters: Terra Firma, 'Glee,' Wolfgang's Vault and more

    May 28, 2010 12:00 AM EDT Follow Glenn Peoples on Twitter or e-mail him at gpeoples AT billboard.com. -- A source close to Kohlberg Kravis & Roberts (KKR) denied to the Financial Times the buyout firm has been in talks with Terra Firma . “There are no discussions betwe ...

  18. Report: Terra Firma In Talks to Sell Stake in EMI Music Publishing

    May 27, 2010 12:00 AM EDT On Thursday the New York Post reported that Terra Firma is in talks to sell a stake in EMI Music Publishing. One participant in those talks is Kohlberg Kravis Roberts, which would buy a minority stake in EMI’s publishing division and combine the o ...

  19. Report: Terra Firma Secures EMI Funds

    May 11, 2010 12:00 AM EDT EMI Group owner Terra Firma Capital Partners has reportedly secured investors' approval to raise £105 million ($156 million), to avoid a breach of the major's loan covenant with Citigroup. Terra Firma needed the support of 75% of its inv ...

  20. Universal Music Says Not In talks On EMI

    March 23, 2010 12:00 AM EDT Universal Music Group is not holding talks with Terra Firma about a deal for struggling EMI, a UMG spokesman said. Speculation has swirled in recent weeks that private equity owners Terra Firma could look to sell certain EMI assets or break the gr ...

  21. Second Lawsuit Filed Over Terra Firma’s EMI Acquisition

    March 05, 2010 12:00 AM EST Citigroup is being sued by Colorado-based Sungate Securities, an investor in Terra Firma, over allegations the bank hid conflicts of interest during the sale of EMI, according to Bloomberg . This is the second lawsuit surrounding Terra Firma’s 4 b ...

  22. Ruling By End March In EMI Deal Dispute

    March 05, 2010 12:00 AM EST A U.S. judge said he would rule by the end of March on whether or not to grant a request by Citigroup Inc to move a lawsuit by Terra Firma Capital Partners Ltd to London in a dispute over the buyout house's acquisition of EMI. Terra Firma cha ...

  23. Owner Proposed Breaking Up EMI Group

    February 15, 2010 12:00 AM EST Terra Firma Capital Partners Ltd chairman and chief executive Guy Hands proposed three months ago to break up music company EMI Group Ltd, court documents filed in New York show. Hands made the proposal in a letter to Chad Leat, head of the altern ...

  24. Guy Hands Orders New EMI Strategic Plan, Huge Loss Expected

    February 04, 2010 12:00 AM EST Guy Hands has asked EMI Music chief executive Elio Leoni-Sceti to draw up a new plan for the recorded music company, in order to persuade Terra Firma investors to inject a reported £100 million ($158.5 million) of additional investment. The Financ ...

  25. Citigroup Says Not Seeking Buyers For EMI

    December 22, 2009 12:00 AM EST Citigroup said it was not seeking buyers for EMI, whose owners Terra Firma are suing the U.S. bank for billions of dollars in damages relating to its 2007 buyout. The statement came after the Observer newspaper reported on Sunday (Dec. 20) that Ci ...

  26. Report: Citigroup Moved For EMI

    December 18, 2009 12:00 AM EST According to the Financial Times, Citigroup tried to take control of EMI before Terra Firma launched a legal action against the bank. The paper reports that in September Citigroup proposed a debt-for-equity swap that would have given the bank a ma ...

  27. Terra Firma Seeks Investors In EMI: Report

    December 14, 2009 12:00 AM EST British private equity group Terra Firma wants to bring in outside investors to help prop up EMI, which is struggling with £2.6 billion ($4.2 billion) of debt, the Observer newspaper reported. The report said pension funds, insurance companies and ...

  28. Citigroup Sued By Terra Firma Over EMI Deal

    December 14, 2009 12:00 AM EST Private equity firm Terra Firma sued Citigroup Inc, accusing the bank of fraud in connection with Terra Firma's purchase of music business EMI Group in 2007, court documents filed in New York showed. Terra Firma accuses Citigroup of driving u ...

  29. Terra Firma Expects Citigroup To Share EMI 'Pain'

    November 19, 2009 12:00 AM EST Private equity firm Terra Firma expects Citigroup to share in the pain of restructuring music business EMI, according to Guy Hands, the buyout firm's founder and chairman. Citigroup, which holds EMI's debt of about £2.6 billion ($4.3 bil ...

  30. Terra Firma Writes Off EMI Investment

    March 03, 2009 12:00 AM EST Terra Firma, the private equity firm which owns EMI, has written off €1.365 billion ($1.718 billion) in its investments. The lion's share of that impairment charge is reportedly down to EMI, which it acquired in August 2007 for £2.4 billion ( ...

  31. Report: Terra Firma Considers EMI Cash Injection

    December 08, 2008 12:00 AM EST Terra Firma has recently put about £10 millon ($14.8 million) into EMI in order to prevent the major defaulting on its £2.7 billion ($4 billion) Citigroup loan, according to the Wall Street Journal. The report says that Terra Firma may have to inj ...

  32. Terra Firma Conducting EMI Strategic Review

    October 30, 2007 12:00 AM EDT Private equity group Terra Firma, months after buying music company EMI, has launched a strategic review of the company but plans to keep it intact, a spokesman said on Monday. The spokesman, however, declined to give any further details about the ...

  33. Former BBC Chief Takes EMI Role

    September 12, 2007 12:00 AM EDT Former BBC director general John Birt has joined the supervisory board of EMI Group, with immediate effect. The board is chaired by Guy Hands, CEO of the music major's new owners, the Terra Firma equity house. In a statement issued today, Ter ...

  34. EMI To Cancel LSE Listing On Sept. 18

    August 17, 2007 12:00 AM EDT EMI Group plc expects to de-list from the London Stock Exchange on Sept. 18 as it prepares for a new era under the ownership of equity house Terra Firma, the British music major reports. In a statement issued to the London Stock Exchange, EMI said ...

  35. Terra Firma Reject Nicoli Sack Claims

    August 15, 2007 12:00 AM EDT European equity house Terra Firma is playing-down speculation that EMI Group CEO Eric Nicoli is on the verge of being jettisoned. Sources close to the music major claim Terra Firma has appointed a headhunter to find a replacement for Nicoli, a mov ...

  36. Terra Firma Reaches EMI Shareholder Goal

    August 01, 2007 12:00 AM EDT Terra Firma has cleared one of the final hurdles in its proposal to buy out EMI Group plc. Just after the final deadline closed on the acquisition process this afternoon, the private equity firm announced to the London Stock Exchange that it had s ...

  37. Terra Firma Extends EMI Deadline

    July 30, 2007 12:00 AM EDT European private-equity firm Terra Firma has extended until Aug. 1 its deadline to buy-out EMI Music Plc, after reporting almost 85% shareholder approval for the deal. By 5pm on July 27, the private-equity company had clinched 84.94%, Terra Firma ...

  38. EMI Shares Fall On Terra Firma Financing Concerns

    July 26, 2007 12:00 AM EDT Shares of U.K. music company EMI Group Plc closed down 5.2% on Wednesday as concerns grew that its private equity buyer Terra Firma was having trouble securing financing for the deal. Terra Firma and adviser Citigroup were haggling over the terms ...

  39. Terra Firma Extends EMI Offer Deadline

    July 13, 2007 12:00 AM EDT Terra Firma has re-extended its deadline to buy-out EMI Group Plc after the private equity firm failed again to achieve total shareholder approval. By 1pm ET yesterday, Terra Firma had collected only 3.82% of EMI's existing issued ordinary sh ...

  40. EC OKs Terra Firma, EMI Deal

    July 12, 2007 12:00 AM EDT The European Commission on Thursday approved private equity group Terra Firma Capital Partners' £2.4 billion ($4.8 billion) takeover bid for EMI Group. The clearance for the planned buyout comes despite attempts by many EMI shareholders to en ...

  41. Terra Firma Extends EMI Bid Timeline

    July 05, 2007 12:00 AM EDT European private-equity firm Terra Firma has extended the deadline to July 12 on its £2.4 billion ($4.84 billion) acquisition bid for EMI Group Plc. Terra Firma issued a statement Wednesday declaring that the offer "is being extended and will ...

  42. EMI Sale Deadline Extended

    June 28, 2007 12:00 AM EDT Terra Firma, the European private equity firm, has extended the deadline required for EMI Group Plc to accept its £2.4 billion ($4.7 billion) acquisition bid to July 4. Terra Firma had originally given EMI, the U.K.-based multinational music compa ...