The England Under-21 international seemed set to move to Molineux before deciding instead to join Midlands rivals Birmingham, after reportedly being offered better personal terms at St Andrews.
Former Coventry man Dann had been at Wolves for a medical before joining Blues, but chief executive Moxey claims there is 'no hard feelings' over the affair.
Speaking to the BBC, Moxey said: "In all honesty I don't think any of us at Molineux are that upset with that transaction.
"He's one of many targets we were after and we were not prepared to get into any Dutch auction over salary."
Wolves last week