Inner City Media Parent Targets Lenders To Shield IP Assets

Law360, New York (January 30, 2012, 8:08 PM EST) -- The nondebtor parent company of Inner City Media Corp., the bankrupt African-American radio station operator, sued Inner City's senior lenders Friday in New York in an effort to protect 13 trademarks allegedly linked to a loan on which Inner City now owes about $250 million.

Parent company Inner City Broadcasting Corp. says it owns the trademarks and is seeking a court ruling finding that the intellectual property isn't pledged to the lenders as part of their 2004 credit agreements.

ICBC launched launched the adversary case because...
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