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Inner City files suit against YMF Media, debtholders to recover art
collection
(August 16, 2012) The phrase, "the art of the deal" has taken on an
ominous reference in the legal wrangling between Inner City Broadcasting
Corporation and its debtholders. ICBC filed suit against YMF Media,
Yucaipa, Drawbridge Capital and Fortress Capital, as well as receiver
Robert Maccini over 15 art pieces that were removed from ICBC offices.
According to news accounts, the suit claims that the 15 works by
African-American artists are the property of CEO Pierre "Pepe" Sutton
and not ICBC. The filing says that the works were shipped to
Philadelphia to an art storage company. Sutton said he only learned of
the seizure when two pieces that were lent for display were requested by
their owners. Lawyers are ICBC are asking for the return of all the
works and $5 million in punitive damages.
YMF and the debtholders have not responded to the suit, which was filed
in U.S. Bankruptcy Court in New York.
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