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KHAN v. GRAMERCY ADVISORS, LLC

No. 4-15-0435.

61 N.E.3d 107 (2016)

2016 IL App (4th) 150435

Shahid R. KHAN; Ann C. Khan; Uviado, LLC; Jonction, LLC; and Leman, LLC, Plaintiffs-Appellees, v. GRAMERCY ADVISORS, LLC; Gramercy Asset Management, LLC; Gramercy Financial Services, LLC; Tall Ships Capital Management, LLC; and Jay A. Johnston, Defendants-Appellants.

Appellate Court of Illinois, Fourth District.

Modified Upon Denial of Rehearing October 3, 2016.

Attorney(s) appearing for the Case

Glenn A. Stanko , of Rawles, O'Byrne, Stanko, Kepley & Jefferson, P.C., Champaign, and Michael E. Petrella , Sean F. O'Shea (argued), and Thomas Gardner , all of O'Shea Partners LLP, of New York, New York, for appellants.

William J. Brinkmann , of Thomas, Mamer & Haughey, LLP, of Champaign, and David R. Deary , Wilson Wray , Jeven R. Sloan , W. Ralph Canada, Jr. (argued), and K. Adam Rothey , all of Loewinsohn Flegle Deary, LLP, Dallas, Texas, for appellees.

OPINION

¶ 1 The plaintiffs are Shahid R. Khan (Khan); his spouse, Ann C. Khan; and some limited liability companies, in which, pursuant to the "2002 and 2003 Distressed Debt Strategies," Khan bought majority interests. The...

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