The son of psychedelic painter Peter Max has sued his sister for manage of their dad’s art corporation, the latest convert in the yrs of litigation involving the pair, new court papers display.
Adam Max, 56, is accusing his sister Libra Max, 54, of ousting him from their popular father’s corporation ALP in a “hostile takeover” and setting up herself as its president in February 2019, according to his Manhattan Supreme court docket lawsuit from Monday.
Adam now says his very little sister is disregarding his phone calls to hold a particular shareholder assembly at ALP.
The business was started by their 83-year-outdated pop artist dad, who in latest many years has been diagnosed with dementia, Adam instructed The Post.
ALP has three shareholders with equally Adam and Libra holding a 40-percent stake each and every and their dad — represented by a guardian — with a 20-% stake.
Adam named for a distinctive assembly to discuss “the elimination of Libra Max” and another person as the directors of the corporation. Adam also required to talk about the election of 3 new directors at the assembly, in accordance to his June 18 letter filed with the accommodate.
He explained he sent a next letter earlier this thirty day period again asking for a meeting to “be called for the election of administrators.” But each letters have long gone unanswered, the court docket files allege.
Adam claims that his stake in the business entitles him to phone a assembly but that Libra “will do every little thing in her electricity to prevent any conference of shareholders from using position,” the court papers allege.
In the meantime, Adam “is forced to wait for a extended time period through which [Libra’s] mismanagement will proceed to prejudice of all anxious,” the match charges.
Adam’s attorney, Robert Johnson, instructed The Article by cellular phone, “Adam is sad with the present-day administration and it’s been absolutely unresponsive.”
“No info has been furnished about company actions for the earlier 2 1/2 years,” Johnson said. “[Adam’s] profits has been reduced to zero and he’s been entirely shut out of the business enterprise. — even though he correctly operated it for 6 a long time and is a 40 p.c shareholder.”
Johnson stated ALP is supposed to maintain an yearly shareholders assembly every single June but none have been held in 2019, 2020 or 2021.
“Ms. Max has thoroughly blown off any ask for for a shareholders assembly,” Johnson said. “She has in essence forced us to file a petition. All she has to do is hold the assembly.”
Johnson stated that on July 12, Adam and Peter’s guardian voted to dissolve ALP at a shareholder’s conference at which Libra “chose not to show up.” Johnson stated he plans to file a match to dissolve the organization soon after he gets the transcript from the July 12 assembly.
“It’s time for Adam to stop with the lawsuits and make peace with his sister,” Libra’s lawyer Jeffrey Eilender explained in a statement. “Adam has missing all of his lawful battles against Libra all of his prior promises have currently been dismissed by the courtroom. The new statements are no distinctive — warmed over milk and meritless.”
A sequence of lawsuits have been filed involving ALP, which include additional suits among the warring siblings.
In a July 2017 match, Libra accused Adam of allowing for their dad’s accountant and agent to choose about the business and enrich on their own.
Libra claimed a person of them allegedly stole $3 million in insurance policies cash for artwork weakened through Hurricane Sandy and the other allegedly ingratiated himself with Peter who allowed him to reside in his Virgin Islands residence. That situation has been settled.
Adam has considering the fact that filed two fits against his sister opposing her using management of ALP. A person of those instances is nevertheless pending with a decide in June ruling that Adam is temporarily blocked from keeping the assembly to restore himself as president till additional rulings.
The other scenario from Might 2019 was voluntarily dismissed by Adam on a technicality. But the most recent criticism intently echoes people claims.
Peter’s spouse Mary, 52, committed suicide in their Higher West Side apartment in June 2019.