Word: deal
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...financial problem is simple. When Hands bought the 113-year-old British company in August 2007 - just before the credit crunch hit - both he and Citigroup expected he'd be able to finance the $4.2 billion in debt he'd taken on to close the deal. Hands also believed he could quickly turn around EMI's long-struggling record division...
...million into the business by the summer; otherwise, Citigroup gets the keys. His allies say he can raise the money from third-party investors, but that is only enough to keep EMI out of the bank's hands for 12 more months. What Hands really needs is a deal with Citigroup to slash EMI's debts. But like any good band in crisis, Hands and his onetime partners at Citigroup have fallen out. (See the top 10 albums...
Last summer, Hands proposed a deal in which he would inject $1.56 billion into EMI if Citigroup wrote off about the same amount in debt. Citigroup said no and offered instead to write off $1.56 billion in debt in return for controlling ownership of the company. Hands refused and then sued Citigroup, claiming the bank had persuaded him to pay too much for EMI in the first place. Now the two sides aren't speaking. Hands says Citigroup is playing "hardball for no good reason," while the bank feels that Hands is being unrealistic in his demand to remain...
...We’re recommending that everyone takes the deal,” he explained. “There will be plenty of opportunities later on to get misdemeanors on our records...
...original version of the Feb. 8 news article "Charges Not Filed For Past Protests" stated that the Suffolk County District Attorney's office recently offered a one-time deal to drop all criminal charges and issue a $50 fine for each infraction. To clarify, Assistant District Attorney Gerald Stewart—who is in the Suffolk County D.A.'s office—offered the deal...