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Twombly Foundation Directors Feud

Cy Twombly, famous American artist died in 2011. Before his death he laid foundation for a Cy Twombly Foundation (the “Foundation”), an educational center and a museum in New York City. To this effect, he allegedly purchased a Beaux-Arts building at 19 East 82nd Street for a reported sum of $27.5 million.

Presently, the Board of Directors for the Foundation is made up of Nicola del Roscio, the President, Julia Sylvester, the Museum Curator, Thomas Saliba, the Treasurer and Ralph Learner, an attorney. Last month, the dispute over some fees that the Treasurer allegedly payed himself out of the Foundation’s funds broke in a complaint, filed with the Chancery Court in Wilmington, Delaware; the complaint seeks the court to appoint a custodian to resolve the deadlock among the directors.

The papers were filed by Mr. Lerner and they ask the court to appoint the artist’s son, Alessandro Twombly onto the board. Attorney hired by the foundation, David R. Baum, was reported as preparing to file responsive papers this month.

Source: The New York Times; Cy Twombly Foundation.