Shareholder Suit Targets ICBC
January 4, 2010 at 4:29 AM (PT)
In the wake of the death of INNER CITY BROADCASTING CORP. founder and NEW YORK political powerhouse PERCY SUTTON, the NEW YORK POST is reporting that two of SUTTON's ICBC co-founders are suing the company, alleging that the SUTTON family has refused to abide by the terms of a 1999 settlement that was supposed to pay back loans from the company to SUTTON. HUGH WYATT and CHESTER REDHEAD filed the suit in DECEMBER looking for $110 million in damages.
The POST also reports that the SUTTON estate owes the state of NEW YORK close to $1 million in back corporate taxes for his PERCY SUTTON INTERCONTINENTAL company and describes private meetings between the CONGRESSIONAL BLACK CAUCUS and OBAMA administration figures like Chief of Staff RAHM EMMANUEL and Treasury Secretary TIM GEITHNER that led to the administration "squeez(ing) SUTTON's biggest creditors to renegotiate the nearly $230 million in debt choking" ICBC.
SUTTON died the day after CHRISTMAS at 89.