The Dreier case–the lawyer who stole hundreds of millions from his employees, clients and investors he duped–is pretty complicated. But the details of the artwork that are included in this BusinessWeek story are not:
Steven J. Reisman, the postconfirmation representative of the 360networks bankruptcy estates, said Dreier bought the artwork in part with $50 million he stole when his law firm worked to recover money 360networks gave creditors before it filed for bankruptcy. New York-based Dreier LLP, now defunct, was hired by 360networks’s unsecured creditors. The artwork includes four “Jackie” paintings and a “Nureyev” by Warhol, in addition to a sculpture, “Love,” by Robert Indiana.
[…] Dreier, 59, bought the “Jackie” paintings in October 2007 for $6.5 million from Gagosian Gallery in London, according to Reisman’s petition. Half the amount was stolen from the recovery money, according to the petition. He bought the “Nureyev” for $2 million, of which $1.5 million was recovery money Dreier stole, and the “Love” sculpture for $735,000, all of which Dreier stole, Reisman said.
Dreier’s Warhols Can’t Be Claimed by 360Networks (BusinessWeek)
