YMF Media closes on Inner City takeover. Inner City Broadcasting is no more
Story by Inside Radio
Yucaipa, Fortress Capital and Drawbridge Capital’s YMF Media have closed on their takeover of the 14-station group, which has been winding its way through bankruptcy since last year.
That process continues with a number of issues still to be worked out, perhaps most colorfully the fate of a million-dollar art collection that had hung from the walls of Inner City’s Park Avenue address.
Inner City attorneys have asked Judge Shelley Chapman to order the artwork to be returned to CEO Pierre “Pepe” Sutton. They also want YMF to pay him $5 million in punitive damages for whisking the art away to a Philadelphia warehouse in a middle-of-the-night move in May.
Yucaipa, Fortress Capital and Drawbridge Capital’s YMF Media have closed on their takeover of the 14-station group, which has been winding its way through bankruptcy since last year.
That process continues with a number of issues still to be worked out, perhaps most colorfully the fate of a million-dollar art collection that had hung from the walls of Inner City’s Park Avenue address.
Inner City attorneys have asked Judge Shelley Chapman to order the artwork to be returned to CEO Pierre “Pepe” Sutton. They also want YMF to pay him $5 million in punitive damages for whisking the art away to a Philadelphia warehouse in a middle-of-the-night move in May.
posted by Kirk Tanter at
10/24/2012 10:35:00 am
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