CNBC and FBN have both reported that Citi (C) “believes” it has an exclusivity provision with Wachovia (WB) and is therefore considering suing now that Wachovia has run off with Wells Fargo (WFC).
“Believes?” What does that mean Citi “believes”?
Citi either has exclusivity with Wachovia or it doesn’t. A quick scan of the agreements signed so far should immediately make clear which.
So what does Citi mean by “believes”? In our opinion, one of two things:
Either Citi is trying to look less stupid after being left at the altar by a company it thought it had saved. Or…Citi’s lawyers really screwed up–by forgetting to add an exclusivity provision. Or both.
Don’t forget…this deal was done overnight. Whatever documentation there is was probably produced between 2am and 6am and proofed by a few frazzled associates. It is conceivable that someone on Wachovia’s team managed to sneak “exclusivity” out of the contract (or made sure it was never there in the first place).
In any event, enough with Citi “believing” it has exclusivity. Does it or doesn’t it? Let’s see the documents!