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Citigroup Inc. Message Board

  • stkplyr_46 stkplyr_46 Oct 4, 2008 10:30 AM Flag

    Citi had exclusivity. period. It is tortious interfence.

    WB and Wells Fargo supporters can post what they want, however, they are not lawyers (neither am I). The Citigroup and Wachovia agreement is clearly tortious interference. Citi clearly had a period of exclusivity which expired oct 6 (a date hand written in by wachovia). The agreement clearly gave Citi exclusive rights to finalize a deal and prohibited Wachovia and clearly defined list of parties from talking, listening to and certainly entering any deal with anyone until after Oct 6th. The agreement is governed by federal courts for the southern district of NY. Prior caselaw in this district is the Penzoil-Getty-Texaco case. If you read anything about this case, Texaco (Wells Fargo in this instance) went bankrupt after losing to tortious inteference. Wells has plenty of bad assets on it's books and with the WB deal will be taking on additional billions in bad Debt. A tortious interfence loss will bankrupt Wells Fargo. Citi will be rewarded due to the broken agreement and will not back down on this one. Stay tuned.

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