Wednesday, March 20, 2013

Lawsuit Reveals Vast Profits at City Museum as Battle Continues Over Ownership

Posted By on Wed, Mar 20, 2013 at 7:00 AM

click to enlarge City Museum: As profitable as it is whimsical.
  • City Museum: As profitable as it is whimsical.

City Museum clears millions of dollars in profits each year, according to financials made public this month in a protracted legal battle that has pitted City Museum founder Bob Cassilly's widow, Giovanna, against her husband's former business partner, David Jump.

In the lawsuit's latest skirmish this month, a St. Louis judge blocked Jump's attempt to seize control of the downtown attraction and the old shoe factory that houses it, International Building Co., from Giovanna and other members of Cassilly's estate.

Prior to his death in a freak bulldozer accident, Cassilly was a 50/50 partner in City Museum and IBC with Jump. Now Cassilly's estate, which includes Giovanna and her two children as well as Bob's two adult children from an earlier marriage, is an equal partner in the two companies. And it's been a rocky partnership since the get-go.

Two months after Cassilly's death, Giovanna complained in court that Jump had changed the locks at City Museum to bar her access to property and company financials she's entitled to review as personal representative of her husband's estate. She's also accused Jump of withholding profits from City Museum and IBC that have made it impossible to settle her deceased husband's estate.

This month Jump at last shared those profits, but they came with a catch.

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