Is Peter Brant too broke to pay his divorce lawyers? Or could there be another reason that he auctioned off a priceless Picasso? According to the New York Post, he may have sold the prized artwork to avoid bankruptcy. Seems one of his companies was having a cash flow problem and he needed to raise some quick cash:
Times have gotten so tough for model Stephanie Seymour’s estranged hubby that he’s been forced to sell his Picasso to make business ends meet.
Lawyers for the catwalker said Peter Brant had auctioned off one of the couple’s prized paintings, “Le Baiser” (“The Kiss”) by Pablo Picasso, in an effort to save his White Birch Paper Company from bankruptcy, according to court testimony yesterday.
The declaration was made at a court hearing in Stamford, Conn., in the messy divorce battle between the paper magnate and his leggy ex.
Brant sold the famous artwork at a London auction in June for $19.1 million — a massive profit over the $4.4 million he originally paid for it.
I’m surprised he was able to do that without court approval? Didn’t Stephanie’s lawyers ask for an injunction in this case to prevent any dissipation of assets? I would have thought that both sides would have asked the court to stay any such sales, pendente lite. But her lawyers seem surprised by the sale.
Lawyers for Seymour complained that Brant has not told them enough about the sale and asked the court to make him provide his soon-to-be ex-wife more information so they could decide their position on it.
That is surprising that with this much at stake, they didn’t seek some kind of pendente lite order preventing any such sales and dissipations.
Read more: http://www.nypost.com/p/news/local/model_ex_broke_art_sCKQmzdYlq5PlcoCiLXMtL#ixzz0w85kbMlk