BigChampagne's Ultimate Chart (a/o February 10th):
1. “What Doesn't Kill You (Stronger),” Kelly Clarkson
2. “Set Fire to the Rain,” Adele
3. “Turn Me On,” David Guetta
4. “Rack City,” TYGA
5. “Good Feeling,” Flo Rida
6. “Smooth Criminal (Glee Cast Version),” Glee Cast
7. “Young, Wild & Free,” Snoop Dogg & Wiz Khalifa
8. “Domino ,” Jessie J
9. “Sexy and I Know It,” LMFAO
10. “Ass Back Home ,” Gym Class Heroes
Funny, when big deals go boom, everyone is popping champagne corks and offering congrats. But when big dollars (or pounds) go bust, the accusations and lawsuits start rolling.
That is the situation surrounding EMI, Terra Firma, and Citibank, a once-happy trio with grand LBO plans. Ahead of the weekend, news of a lawsuit between EMI buyer Terra Firma and lending bank Citigroup emerged, one focused on misrepresentations, 'egregious wrongdoing,' and outright fraud.
According to Peter Lattman of the Wall Street Journal, the suit focuses on a fabricated auction process coordinated by Citibank, one that caused Terra to elevate and bind its bid. Terra is accusing Citibank of making the misrepresentations to inflate the purchase price, and ultimately advising and financing the process.
Terra also accuses Citigroup of undermining Terra's ability to manage the label, and attempting to wrest control and orchestrate a sale to Warner Music Group. Citigroup carries about $4.2 billion in EMI debt.
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