The son of psychedelic painter Peter Max has sued his sister for control of their dad’s art company, the latest turn in the years of litigation between the pair, new court papers show.
Adam Max, 56, is accusing his sister Libra Max, 54, of ousting him from their famous father’s company ALP in a “hostile takeover” and installing herself as its president in February 2019, according to his Manhattan Supreme court lawsuit from Monday.
Adam now says his little sister is ignoring his calls to hold a special shareholder meeting at ALP.
The company was started by their 83-year-old pop artist dad, who in recent years has been diagnosed with dementia, Adam told The Post.
ALP has three shareholders with both Adam and Libra holding a 40-percent stake each and their dad — represented by a guardian — with a 20-percent stake.
Adam called for a special meeting to discuss “the removal of Libra Max” and another man as the directors of the corporation. Adam also wanted to discuss the election of three new directors at the meeting, according to his June 18 letter filed with the suit.
He said he sent a second letter earlier this month again asking for a meeting to “be called for the election of directors.” But both letters have gone unanswered, the court documents allege.
Adam claims that his stake in the company entitles him to call a meeting but that Libra “will do everything in her power to prevent any meeting of shareholders from taking place,” the court papers allege.
In the meantime, Adam “is forced to wait for a prolonged period during which [Libra’s] mismanagement will continue to prejudice of all concerned,” the suit charges.
Adam’s lawyer, Robert Johnson, told The Post by phone, “Adam is unhappy with the current management and it’s been totally unresponsive.”
“No information has been provided about corporate activities for the past 2 1/2 years,” Johnson said. “[Adam’s] income has been reduced to zero and he’s been completely shut out of the business. — even though he successfully operated it for 6 years and is a 40 percent shareholder.”
Johnson said ALP is supposed to hold an annual shareholders meeting every June but none have been held in 2019, 2020 or 2021.
“Ms. Max has totally blown off any request for a shareholders meeting,” Johnson said. “She has basically forced us to file a petition. All she has to do is hold the meeting.”
Johnson said that on July 12, Adam and Peter’s guardian voted to dissolve ALP at a shareholder’s meeting at which Libra “chose not to appear.” Johnson said he plans to file a suit to dissolve the company after he receives the transcript from the July 12 meeting.
“It’s time for Adam to stop with the lawsuits and make peace with his sister,” Libra’s lawyer Jeffrey Eilender said in a statement. “Adam has lost all of his legal battles against Libra; all of his previous claims have already been dismissed by the court. The new claims are no different — warmed over milk and meritless.”
A series of lawsuits have been filed involving ALP, including additional suits between the warring siblings.
In a July 2017 suit, Libra accused Adam of allowing their dad’s accountant and agent to take over the company and enrich themselves.
Libra claimed one of them allegedly stole $3 million in insurance money for artwork damaged during Hurricane Sandy and the other allegedly ingratiated himself with Peter who allowed him to live in his Virgin Islands home. That case has been settled.
Adam has since filed two suits against his sister opposing her taking control of ALP. One of those cases is still pending with a judge in June ruling that Adam is temporarily blocked from holding the meeting to restore himself as president until further rulings.
The other case from May 2019 was voluntarily dismissed by Adam on a technicality. But the newest complaint closely echoes those claims.
Peter’s wife Mary, 52, committed suicide in their Upper West Side apartment in June 2019.
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