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Hands' rejected settlement proposal

THANKS BUT NO THANKS: Lost in this week’s courtroom melodrama was a report in last Sunday’s Times of London revealing the specifics of Guy Hands’ settlement proposal, which was rejected by Citigroup on the eve of the trial. According to the story, Hands had asked Citi to cut £2 billion ($3.2 billion) from EMI’s debt in exchange for withdrawing his suit. The Terra Firma chief offered Citi a minority stake in both EMI Music and EMI Music Publishing in return for writing down its £3 billion debt by two thirds, according to the paper, which didn’t reveal where it got the info. (10/22a)

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