Asher Edelman is not letting the judgment against him lie. He’s filed a suit against Emigrant and wants to hear from anyone else who has had similar experiences with Emigrant.
Here is the complaint (Edelman v. Emigrant – Amended Complaint) he filed against Emigrant that details the dealings between Edelman Arts and Emigrant over various works but especially a Giacometti sculpture Torse de Femme. Some excerpts from the complaint related to the Giacometti and Emigrant’s interest in receiving proceeds from Edelman’s auction guarantee business, Art Assure, Ltd.:
- On March 12, 2007, Mr. Edelman borrowed an additional $2 million from Emigrant (the “Demand Loan”), payable on demand. In consideration for Emigrant providing him with the Demand Loan, Mr. Edelman agreed, in a separate agreement, to pay to Emigrant 10% of the “profits” from any sale of the Alberto Giacometti sculpture, Torse de Femme (the “Success Fee Agreement”).
- Mr. Edelman informed Emigrant that he was prepared to discuss paying off all of the credit facilities and that he was willing to put Torse de Femme up for auction in May 2010, as, at a minimum, it would pay a substantial portion of the credit facilities, such that he did not think that it would be difficult to arrange payment of any remaining obligations.
- At the March 8, 2010 meeting, Mr. Edelman once again offered to put Torse de Femme up for auction. Defendant Fields, who ran the meeting for Emigrant, responded that this was a good idea, but that Emigrant wanted a direct interest in Art Assure, Ltd. Although Mr. Edelman said he could not provide such an interest as he had no ownership interest in Art Assure, Ltd., he offered to share with Emigrant any earnings that he received as a consultant from Art Assure, Ltd., to the extent that those earnings increased his cash flow.
- On May 12, 2010, Mr. Edelman and Emigrant entered into an agreement whereby Emigrant would receive $2,500,000 from the sale of Torse de Femme that would be applied to Mr. Edelman’s obligations under the credit facilities. The funds were wired to Emigrant that same day.