{"id":1297,"date":"2012-01-12T09:29:15","date_gmt":"2012-01-12T09:29:15","guid":{"rendered":"http:\/\/skylight.gr\/administrator_wordpress\/index.php\/2012\/01\/12\/court-rejects-guy-hands-plea-for-emi-data-disclosure\/"},"modified":"2012-01-12T09:29:15","modified_gmt":"2012-01-12T09:29:15","slug":"court-rejects-guy-hands-plea-for-emi-data-disclosure","status":"publish","type":"post","link":"https:\/\/skylight.gr\/index.php\/2012\/01\/12\/court-rejects-guy-hands-plea-for-emi-data-disclosure\/","title":{"rendered":"Court rejects Guy Hands\u2019 plea for EMI data disclosure"},"content":{"rendered":"


A UK court has thrown out an application from Guy Hands demanding that EMI administrators PwC and other advisors disclose valuation documents pertaining to Citigroup’s seizure of the major. <\/p>\n

Hands lodged an application with the High Court in September asking that PwC, Hawkpoint Partners and American Appraisal hand over valuation reports and written communication relating to valuations when Citigroup took control of EMI from Terra Firma in February, the Financial Times reports.<\/p>\n

Hands\u2019 barrister claimed that the joint administrators were not validly appointed and that the sale of EMI was undervalued or should not have taken place at all.<\/p>\n

The submission to the court stated that the sale of EMI\u2019s assets to Citi was \u201cto crystallise a loss by Terra Firma of the entirety of its investment of about \u00a31.85bn\u201d and added that there were \u201cserious concerns about the circumstances surrounding the sale by the joint administrators\u201d.<\/p>\n

In his ruling, the judge said that there was not \u201cthe slightest suggestion\u201d that Citi had \u201ceffected sales at undervalue\u201d which would be \u201centirely contrary to its commercial interests\u201d.<\/p>\n

He also said that it did not appear that Terra Firma needed \u201cany of the valuations\u201d to formulate their claims in so far as they centre on the value of EMI Group, adding \u201cI do not consider that the disclosure of the valuations before proceedings have started will assist in achieving a fair disposal of the anticipated proceedings.\u201d<\/p>\n

Source: Music Week<\/p>\n","protected":false},"excerpt":{"rendered":"

A UK court has thrown out an application from Guy Hands demanding that EMI administrators…<\/p>\n","protected":false},"author":1,"featured_media":1006,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[23],"tags":[],"class_list":["post-1297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-music-news"],"_links":{"self":[{"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/posts\/1297","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/comments?post=1297"}],"version-history":[{"count":0,"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/posts\/1297\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/media\/1006"}],"wp:attachment":[{"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/media?parent=1297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/categories?post=1297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/tags?post=1297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}