After much legal wrangling today, U.S. District Court Judge John Koeltl denied a restraining order request by Wachovia to stop Citigroup from demanding Wachovia stop negotiating a deal with Wells Fargo. The Judge will however hear arguments about whether the exclusivity document between Citi and Wachovia is legally able to stop the planned merger between [...]
According to Citi Group’s website, Citi has been granted injunctive relief, baring Wachovia from continuing any discussions with Wells Fargo until further ordered by the court. According to Citi’s press release, Justice Charles Ramos of the Supreme Court of the State of New York issued the order. Both parties are to appear before Justice Ramos [...]
It is 12:00 AM EDT and there is no word from Cit about whether they intend to file a lawsuit to block the proposed merger of Wachovia and Wells Fargo and Wachovia. Let’s hope that the FDIC has interviened and talked some sense into Citi. Recent history has shown that usually by now there would [...]
After the FDIC brokered sale of Wachovia’s core banking assets on Monday to Citi Bank, Wells Fargo has tendered an offer to Wachovia that equates to $7.00 a share. CNBC is reporting that Citi is now considering various actions, up to and including legal action, against Wachoiva and possibly CEO Bob Steele. Citi contests that [...]
