Burkle firm sues partner in venture
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Billionaire Ron Burkle’s Yucaipa Cos. sued New York church-property developer Raffaello Follieri, claiming he misused assets of a joint venture to fund a lavish lifestyle that includes a chef, jets and a penthouse.
Los Angeles-based Yucaipa Corporate Initiatives Fund I, a unit of Burkle’s firm, said it invested more than $55.6 million in Follieri/Yucaipa to develop and sell property purchased from the Catholic Church, according to a complaint filed April 23 in Delaware Chancery Court and made public Thursday.
Chancery Court Judge Stephen Lamb on Wednesday barred Follieri from selling any of the venture’s assets or filing for bankruptcy protection until the case could be heard July 25.
Follieri said Wednesday that his company had offered to buy Yucaipa’s interest in the partnership.
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