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  • Citigroup Inc. (NYSE:C) Offers New Deal to Lehman Brothers Bond Holders

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    Tuesday Oct. 12, 2010 at 09:18 am EST
    Citigroup Inc. (NYSE:C) - New Offer to Lehman Bond Holders 
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    Citibank is offering a new deal to Lehman Brothers Bond Holders in Hungary in a step to close still pending court cases, the economic daily Napi Gazdaság reported on Tuesday. Details of the new offer were not divulged, but as per the economic daily Napi Gazdasag Citibank offered 55% of face value this spring and up to the May deadline 90% of bondholders accepted the deal.

    Up to the fall 2008 bankruptcy of Lehman Brothers, Citibank had actually sold HUF 6 billion worth of bonds issued by Lehman to private clients in Hungary. An investigation by financial market watchdog PSZAF has given a clean bill to Citibank concerning its responsibility, therefore the new offer is done on a bases of “fair play” only as informed by Citibank to Napi Gazdaság on Monday. Shares of Citigroup Inc. closed at $4.18 at resistance level of $4.21. The resistance levels above are at $4.41 and $4.98. The support levels below are at $4.038 $3.93, $3.78. Shares of Citigroup are expected to hold strong after the Treasury announced to sell some preferred shares last week. Treasury also said that they made profit by selling Citi shares. The earnings announcement scheduled on Oct. 18th, 2010 will determine the future direction of Citigroup Inc. (NYSE:C) but before that Earnings from J P Morgan will give some direction to the Financial stocks on Wednesday.

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