The Wachovia and Citigroup litigators have been working overtime this weekend. As I reported earlier, Citigroup convinced New York State Justice Ramos late last night to toll the expiration of the Citigroup-Wachovia exclusivity agreement that was set to expire tomorrow, October 6, 2008. As of last night, the Exclusivity Agreement was revived through a hearing before Justice Ramos on Friday. About an hour after Justice Ramos issued his ruling, Wachovia filed suit in federal district court, asking for injunctive relief from its agreement with Citigroup. The Wachovia complaint can be found here, and it is well-worth reading, as it describes how Citigroup pulled Wachovia from the grasp of the Fed.
At 4 p.m. today, Federal District Judge Koeltl had a hearing on this filing, and I have not yet been apprised of the outcome of this hearing. At 5:30 ET today, a New York State appellate court is hearing an appeal of Justice Ramos’s order from yesterday.
I am stunned at the speed with which this debacle is evolving.