Category Archives: IL

Illinois Foreclosure Statistics

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7th Cir. Opinions

7th Circuit Opinion Summaries courtesy of Justia.com

United States v. Rogan

Bankruptcy, Criminal Law, Government, White Collar Crime

River Road Hotel Partners, LLC v. Amalgamated Bank

Bankruptcy

Bloomfield State Bank v. United States

Bankruptcy, Real Estate & Property Law, Tax Law

Costello v. Grundon

Bankruptcy, Commercial Law, Securities Law

CDX Liquidating Trust v. Venrock Assocs., et al

Bankruptcy, Business Law, Securities Law

Reedsburg Util. Comm’n v. Grede Foundries, Inc.

Bankruptcy, Utilities Law

Kimbrell v. Brown

Bankruptcy, Injury Law

Congratulations to the New Chief Judge of the Bankruptcy Court (ND IL)

Bankruptcy_court_logo
Congratulations to Judge Bruce W. Black, who will become Chief Judge of the Bankruptcy Court for the Northern District of Illinois, replacing current Chief Judge Carol Doyle. Chief Judge Black will continue to hear all matters assigned to the Joliet Call on Fridays, which includes cases filed in Will, Grundy, Kendall and LaSalle counties. His chambers will be moving from the 6th to the 7th floor of the Dirsken Federal Building in Chicago. Likewise, his Courtroom will  be changing to Room 719 and Chambers will be located in Room 756. All pending, previously assigned Eastern division cases (with a few exceptions) that do not include the four counties making up the Joliet call will be re-assigned to other judges in the Eastern Division immediately. If your case is affected, you will receive a notice from the Court.   
Click here to view this information on the Bankruptcy Court’s website.

In re Outboard Marine (ND IL ED)(J. Squires)

In re Outboard Marine Corporation, et al., 00-037405
Issued: June 23, 2011
Judge: John H. Squires

Click here to view and download the opinion in .pdf format.

The UpshotWhen sanctions are requested upon a party’s motion pursuant to Bankruptcy Rule 9011(c)(A), two requirements must be met: the motion must be made separate and apart from other motions or requests and “[must] describe the specific conduct alleged to violate subdivision (b)[,]” and “the motion may not be presented to the court unless, within twenty-one days of service, the non-movant has not withdrawn or corrected the challenged behavior.” The Trustee argues that the Statement of Interest filed by Counsel on behalf of NAEIR warrants sanctions under Rule 9011 because theStipulation released any right NAEIR had to assert a claim against the proceeds of the ACE GL Policies and, as such, the Statement of Interest is not reasonably based in law or fact. Next, the Trustee seeks sanctions against Counsel pursuant to 28 U.S.C. § 1927, which provides as follows: Any attorney or other person admitted to conduct cases in any court of the United States or any Territory thereof who so multiplies the proceedings in any case unreasonably and vexatiously may be required by the court to satisfy personally the excess costs, expenses, and attorneys’ fees reasonably incurred because of such conduct.

Naperville’s iconic MetroWest building in foreclosure

By David Sharos for The Naperville Sun

The 10-story MetroWest building, known for the N-shaped facade designed by Chicago architect Helmut Jahn in 1986, is regarded by many passing motorists as an unofficial insignia for the city of Naperville.  But Crain’s Chicago Business says that the building defaulted on a $23.5 million loan that came due May 1, which means that foreclosure may be looming down the road. Interestingly, a former tenant said there was no evidence that the building or its owners were in financial trouble.

In re Highlands of Montour, 10-21678 (ND IL ED) (J. Hollis)

In re: Highlands of Montour Run, LLC 10-21678

Opinion Issued June 08 ’11  By Judge Pamela S. Hollis

Summary: Creditor objected to approval of disclosure statement where plan contemplated using rents from apartment complex after the automatic stay had been lifted with respect to the apartment complex and creditor had asserted its right to take possession of the apartment complex and the rents.  Creditor’s objection was sustained on the basis that the rents were no longer property of the estate.

Click here to view and download the Opinion in .pdf format.

College Illinois goes Bust

Seal of Illinois. Center image extracted from ...

Image via Wikipedia

College Illinois lets parents invest today and lock in tuition for their kids down the line.  Now Attorney General Lisa Madigan has opened a review of the program. The commission has run a deficit of over $300 million for 2 years due to lax investment practices like its $12.8 million in Shorebank Corp., which collapsed last year.  Spokespeople for the commission say they were attempting to keep pace with the cost of higher-education … but lost everything instead. Oops! Now it looks like the system is out of money; and since investments are not guaranteed, the investors (parents) appear to be out of luck.

Via couriernews.suntimes.com