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PRESIDENT LINCOLN HOTEL v. BANK ONE

Nos. 1-92-2380, 1-92-2668.

649 N.E.2d 432 (1994)

271 Ill.App.3d 1048

208 Ill.Dec. 376

PRESIDENT LINCOLN HOTEL VENTURE, an Illinois limited partnership, and Collinsville Hotel Venture, an Illinois limited partnership, Plaintiffs-Appellants, v. BANK ONE, SPRINGFIELD, as Trustee under the purchase agreement, Trust indenture, et al., of the Illinois Insured Mortgage Pilot Program, dated July 14, 1982, and Patrick Quinn, Treasurer of the State of Illinois, Defendants-Appellees. PRESIDENT LINCOLN HOTEL VENTURE, an Illinois limited partnership, and Collinsville Hotel Venture, an Illinois limited partnership, Plaintiffs-Appellees, v. BANK ONE, SPRINGFIELD, as Trustee under the purchase agreement, Trust indenture, et al., of the Illinois Insured Mortgage Pilot Program, dated July 14, 1982, and Patrick Quinn, Treasurer of the State of Illinois, Defendants-Appellants.

Appellate Court of Illinois, First District, First Division.

Rehearing Denied May 5, 1995.

Attorney(s) appearing for the Case

Winston & Strawn, Chicago (Dan K. Webb, Paul P. Biebel, Jr., Warren Von C. Baker, Jack J. Crowe, of counsel), and Samuel V.P. Banks, for plaintiffs-appellants and plaintiffs-appellees.

Hart & Southworth, Springfield (Mike Southworth, of counsel) and Samuel J. Witsman, General Counsel of Bank One, for defendant-appellant and defendant-appellee Bank One.

Roland W. Burris, Atty. Gen., State of Ill., Rosalyn B. Kaplan, Sol. Gen., State of Ill., Deborah L. Ahlstrand, Asst. Atty. Gen., for defendant-appellant and defendant-appellee Patrick Quinn.

Justice BUCKLEY delivered the opinion of the court:

Plaintiffs, the President Lincoln Hotel Venture ("Lincoln") and the Collinsville Hotel Venture ("Collinsville"), brought an action seeking a declaratory judgment, injunctive relief and specific performance against defendants, Bank One, Springfield ("Bank One") and the Treasurer of the State of Illinois, Patrick Quinn ("Treasurer Quinn"), in relation to the provisions of a loan restructuring agreement which arose...

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