Art and Architecture Books of the 21st Century, Inc., better known as ACE Gallery, is pleased to announce that it has successfully emerged from Chapter 11 bankruptcy. After significant litigation and appeals that remain pending before the Ninth Circuit Court of Appeals, Victor Sahn, Daniel Lev, Asa Hami and David Richardson proposed a Plan of Reorganization for the restructuring of the company. The SulmeyerKupetz team designated Sam S. Leslie, a certified public accountant, business financial advisor, experienced fiduciary and businessman, as the Plan Agent.
Mr. Leslie will operate the gallery as normal in both of its current locations, and will continue efforts to monetize the bankruptcy estate’s assets for the benefit of creditors. When asked about the future of ACE, Mr. Leslie said, “I am pleased that ACE has a confirmed plan that will resolve its creditors’ claims, and I look forward to working with the ACE team to build on its long history of representing exciting and groundbreaking work of contemporary artists.”
“Artists whose work is featured by ACE can rest assured we will represent them in a way that will enhance their reputations, maintain their markets and ensure their work is exposed to a broad group of collectors and institutions,” Mr. Leslie continued.
ACE Gallery is one of the oldest and largest contemporary art galleries in Southern California, with locations in Beverly Hills and Los Angeles. The Plan was confirmed in February 2016 and became effective on April 6, 2016.