Inner City Investor Sues Parent Over 'Bogus' IP Suit

Law360, New York (June 7, 2012, 1:13 PM EDT) -- An Inner City Broadcasting Corp. shareholder sued the nondebtor parent of bankrupt radio company Inner City Media Corp. and creditors including Goldman Sachs Lending Group LP on Tuesday in an attempt to protect 13 trademarks allegedly linked to a loan on which it now owes about $250 million.

The company filed its own adversary proceeding in January to protect the unspecified trademarks, but plaintiff Hugh Wyatt says that suit is a sham designed to protect the financial interests of ICBC Chairman Pierre Sutton and others involved...
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