Citigroup, Terra Firma Comments

POST-TRIAL WRAP: After the verdict was announced in today's Terra Firma-Citigroup trial, the bank's lawyer Ted Wells predictably praised the outcome: "I think David Wormsley was put through a terrible ordeal and he was totally innocent.. It was a travesty he had to be put through this." Terra Firma, on the other Hands, said it was disappointed with the verdict. "We believe that this was an important action to bring and that we had a responsibility to our investors to bring it. We are hugely grateful for their support throughout this process." The firm said it had not decided whether to appeal and that it planned to focus on securing a financial restructuring of EMI with Citigroup. "EMI itself will continue to build on its track record of the last three years, during which time it has improved its market position, achieved tremendous success with its new and existing artists, and produced remarkable growth in cash profits." More action to come, obviously. (11/4p)