Judge Rules Warhol Painting Can Be Targeted in $142M Award Feud
A New York federal judge has cleared the way for entities of private equity firm CVC Capital to seek the turnover of valuable artwork, including an Andy Warhol painting, to enforce $142 million in Chinese arbitral awards over a soured restaurant investment.
In an order Tuesday, U.S. District Judge Andrew L. Carter Jr. confirmed the awards issued in 2019 to La Dolce Vita Fine Dining Co. Ltd. and its parent company, La Dolce Vita Fine Dining Holdings Ltd. He gave the two companies the green light to move for post-judgment relief seeking turnover of Andy Warhol's "Little Electric Chair" from 1965 and an untitled 1988 self-portrait by the German artist Martin Kippenberger.
The two companies, which are majority owned and controlled by CVC Funds, won the awards against restaurateur Zhang Lan after investing in her South Beauty restaurant chain based on misrepresentations she made about its financial viability.
The order from Judge Carter follows an order he issued late last month in parallel proceedings confirming an attachment order against the paintings.
La Dolce Vita is represented by Jack B. Gordon of Lewis Baach Kaufmann Middlemiss PLLC.