New York, NY (PRWEB) April 25, 2011
Berry-Hill Galleries, Inc. is pleased to announce that it has resolved litigation with its senior secured lender, American Capital Financial Services (“ACFS”) and its debt obligation has been satisfied.
In the Spring of 2010, ACFS commenced litigation for repayment of a loan. During the litigation, ACFS was granted temporary custody of the gallery-owned artwork that served as collateral for the obligation. With the current resolution, all artwork has been returned to the Gallery’s possession.
“We are thrilled that the Gallery has been able to reach an amicable settlement with its corporate lender,” said David Hill, Berry-Hill’s President. “No doubt the last year has been difficult as we have navigated the legal process while also remaining focused on running our business. That process was made particularly problematic by several false rumors. I would like to take this opportunity to set the record straight: 1) the Gallery was never closed or re-located and has continued to operate fully at all times; 2) the Gallery has maintained ownership of its real estate; and 3) the Gallery has maintained ownership of its artwork.”
Gallery Chairman James Berry Hill added, “I would like to personally thank all of our loyal clients, friends, and supporters who have offered well-wishes, guidance, and assistance through a tough time. I am the third generation in the business and David is the fourth. Our goals have always been to serve the New York art community and to carry our business forward for future Hills. Recent developments will allow us to continue to realize that vision.”
James Hill continued, “the art business was not immune to the effects of the credit/financial crisis, and we suffered like many other businesses in almost every industry. However, with recent positive developments, we are keenly focused on ramping up our business and serving our clients with the highest levels of expertise, care, and integrity. Let me reassure collectors, museum professionals, consignors, and colleagues in the industry that there are no restrictions on our day-to-day operations, and we remain dedicated to working positively with them as we have done for generations. Simply put, we are continuing to do what we have done for almost a century in this industry: buying and selling the finest American, European, and Contemporary works of art.”
Berry-Hill Galleries, Inc., located at 11 East 70th Street, New York, New York, is a century-old art gallery specializing in 18th, 19th, and early 20th Century American Art, as well as Contemporary American Art, Modern European paintings, and Old Master paintings. Questions or comments concerning this press release should be directed to Paul Niehaus at (212) 631-0223 or pniehaus(at)niehausllp(dot)com.
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