Inner City Broadcasting Exits Shareholder Suit Over IP Sale

Law360, New York (December 20, 2012, 5:29 PM ET) -- A New York state judge on Tuesday dismissed Inner City Broadcasting Corp. from a shareholder’s suit over a bankrupt subsidiary’s plan to sell some of its trademarks and other intellectual property, ruling the claims against the broadcaster weren’t properly pled.

The shareholder, Hugh Wyatt, has alleged that Inner City Broadcasting is trying to use the bankruptcy of its subsidiary Inner City Media Corp. to give away the parent's valuable intellectual property, including the call letters to its WBLS radio station, as Inner City Media tries to...
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