What will Citigroup do about Andrew Hall? The New York Times reports that the bank is considering a range of options: It has spoken with Warren Buffett, who has a history with Phibro, about a potential deal, which floundered quickly. It also mulled a deal that would give control of the unit to Hall. The bank could always shut the company down.

But all these moves skirt the main issue. The man is owed more than $100 million for work already rendered. That's a fact. The bank's best bet may be to get Hall to somehow play ball. If he were willing to make concession on what he owes in exchange for a huge ownership stake in a spun off company, that might do the trick. But would he be willing to accept stock or warrants? Some argue that shares have nothing but upside.

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