Well, it looks like Citi and Wells are going after it hammer and tongs over who gets wachovia.

First, Citi got a NY state judge to grant an injunction against Wells proceeding, and then Wachovia went to Federal Court to overturn that, and he
vacated the lower court ruling, as did a New York state appellate court.

Basically, Citi was going to pay $1/share, and getting money from the FDIC, and Wells is offering $7/share with no FDIC involvement.

Not sure what Citi’s motive is, but they seem to be eager to spend this money, for reasons that are unclear to me, particularly since they have lost money in the past few quarters.