Salander Update

The bankruptcy court has approved the retention of Gurr Johns to help Salander-O'Reilly sell off the more than 4,000 artworks it owns in order to pay creditors. (Approximately 400 creditors have filed claims totaling more than $300 million.) According to Bloomberg's Philip Boroff, "Gurr Johns will receive a retainer of $10,000 a month, plus $300 an hour for court appearances plus 2.5 percent commission on proceeds for sales up to $30 million. If sales exceed $30 million, commissions increase on a sliding scale."