CVC Capital Unit Demands A Warhol To Enforce $142M Award
An arm of the private equity firm CVC Capital Partners is trying to seize two paintings, including one by Andy Warhol, to satisfy $142 million in arbitral awards that it claims the Chinese restaurateur Zhang Lan has sought to avoid by concealing her assets.
La Dolce Vita Fine Dining Co. Ltd., a CVC acquisition unit, has spent years attempting to recoup a significant investment the company made in Zhang's restaurant chain based on misrepresentations she offered about its financial viability.
Those efforts have turned to paintings that La Dolce Vita, in a lawsuit filed in Manhattan federal court on Thursday, says Zhang purchased at auction but concealed by transferring legal ownership to a shell corporation based overseas.
La Dolce Vita is represented by Jack B. Gordon and Tara J. Plochocki of Lewis Baach Kaufmann Middlemiss PLLC.