ONE of Citigroup’s top investment bankers, David Wormsley, will take to the stand as early as today after he was called as a hostile witness by the lead counsel for Guy Hand’s private equity firm Terra Firma on Friday in the legal dispute over the sale of EMI in 2007.
David Boies told District Judge Jed Rakoff he intended to call Wormsley shortly after Hands completes his testimony over the sale of the record label.
A source familiar with the case said they expected it to last at least another week if not two before the jury is sent out to consider its verdict.
There are few signs of an out of court settlement being agreed. Apparently the two former friends have had several opportunities to speak to one another without a single word being uttered between them.
The case hinges on three phone calls during which Hands claimed in three days of testimony that Wormsley, known as the Worm in the City, misled him about the 2007 auction of EMI leading Hands to overpay for the record label.
Wormsley’s lawyers have contradicted Hands’s account of the phone calls between them in May 2007.