I just simply stopped blogging about the legal battle Citi is waging over Wachovia as there was too much going on over the past week to keep up with, but it appears, and I stress appears, that the negotiations are over. Citi has ceased negotiations with Wells and has decided not to ask for the [...]
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 [...]
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 [...]
After an entire weekend of discussion and political maneuvering, it appears as if congress is set to vote on an approximately $700 billion package to help restructure the US Financial System and loosen up the Capital Markets in this country. The package has been modified slightly from the proposal that Henry Paulson, US Treasury Secretary, [...]
