Under Illinois Law
Following nearly two years of litigation and a two-day bench trial, we obtained a judgment on claims for both successor liability and fraudulent transfer related to a breach of a commercial lease. The trial stemmed from a prior trial victory in December 2012, when we won a $1 million judgment against a commercial tenant that breached its lease obligations to the firm’s client, the landlord. On the day before the December 2012 damages trial, the tenant’s primary secured lenders—which also had a minority ownership interest in the tenant—foreclosed their $55 million lien in the tenant’s assets and sold them all at sale under Article 9 of the UCC to a newly created company owned by the lenders. The theories on which the court granted relief in favor of our client were novel under Illinois law.