TDR Wins Appeal in Commercial Guaranty Litigation
November 23, 2016
TDR partners Gino L. DiVito and John M. Fitzgerald and TDR associate Ashley Crettol Insalaco, along with their co-counsel, won an impressive victory in the Illinois Appellate Court in Koenig & Strey GMAC Real Estate v. Renaissant 1000 South Michigan I, LP, 2016 IL App (1st) 161783. TDR represented three individuals who signed a guarantee of a real estate loan. The lender sued the guarantors and recovered a judgment against them in excess of $18 million.
Working with co-counsel Kenneth Nemec, William Hrabak and Sara Spitler of Goldstine, Skrodzki, Russian, Nemec & Hoff, Ltd., TDR argued that the judgment should be reversed because it included an enormous amount of statutory post-judgment interest, which was not covered by the guaranty agreement. The Illinois Appellate Court agreed, vacated the judgment against the guarantors, and remanded the case to the Circuit Court of Cook County for further proceedings.
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