Creditors of Former Dreier Client Lose Bid to Claim Warhol Artworks
Federal prosecutors on Wednesday beat back a bid by creditors of a bankrupt telecom giant to claim for themselves five Andy Warhol artworks that had been forfeited when Marc Dreier pleaded guilty to a $400 million fraud scheme. A lawyer for unsecured creditors in the bankruptcy of 360 Networks (USA) claimed a superior interest in the artworks because Dreier LLP, which represented 360 in its Chapter 11 reorganization, held $38.5 million of the company's money in escrow when the firm disintegrated after Dreier's arrest.
