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Hands' inconsistent memory

GUY’S MEMORY BANK IS EMPTY: Citigroup’s legal team scored big points Wednesday as lead attorney Ted Wells tightened the screws on Guy Hands during his cross-examination of the plaintiff. N.Y. Times DealBook reporter Peter Lattman transcribed a section of their exchange, as Wells established that Hands’ recollections of the three phone conversations with David Wormsley that form the basis of the Terra Firma boss’ suit are far more vivid than his memories of any other specifics regarding the EMI deal. Here’s an excerpt from the transcript, which followed Wells’ highlighting of a speech Hands made to EMI employees in which he said that 60-70% of his wealth was tied up in the deal:

Wells:
Did you tell Mr. Wormsley that you wanted to build the largest private equity firm in Europe?
Hands: I can’t recall.
Q: Did you tell Mr. Wormsley that you wanted to become one of the most successful businessmen in Europe?
A: I can’t recall.
Q: Did you tell Mr. Wormsley that you wanted to have a business empire of industrial firms and financial institutions?
A: Unlikely.
Q: Did you tell Mr. Wormsley that you wanted to go into the hedge fund business?
A: I can’t recall.

Uh-oh… (10/21a)

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