SCHULTZ v. SINAV LIMITED

No. 4-23-0366.

2024 IL App (4th) 230366

FLOYD SCHULTZ, STANLEY BLUNIER, and BRAD RISKEDAL, Individually and as Class Representatives on Behalf of All of the Minority Unitholders of Illinois River Energy Holding, LLC, Plaintiff-Appellants and Cross-Appellees, v. SINAV LIMITED; GTL RESOURCES USA, INC.; GTL RESOURCES LIMITED; GTL RESOURCES PLC; GTL CAMBRIDGE LLC; RICHARD H. RUEBE; JEFFREY W. LEMAJEUR; VINCENT J. KWASNIEWSKI; NEAL T. JAKEL; SIEM KAPITAL, AS; HARWOOD CAPITAL LLP, f/k/a North Atlantic Value LLP; and SIEM INDUSTRIES, INC., Defendants-Appellees, (Sinav Limited; GTL Resources USA, Inc.; GTL Resources Limited; GTL Resources PLC; GTL Cambridge LLC; Richard H. Ruebe; Jeffrey W. Lemajeur; Vincent J. Kwasniewski; and Neal T. Jakel, Defendants-Appellees and Cross-Appellants).

Appellate Court of Illinois, Fourth District.

Filed April 5, 2024.


Attorney(s) appearing for the Case

Terrence P. Canade , Keith D. Parr , and Hugh S. Balsam , of Locke Lord LLP, of Chicago, for appellants.

Paul E. Chadwick , of Fearer Nye & Chadwick, of Rochelle, and Charles K. Maier (pro hac vice), Brian A. Dillon (pro hac vice), Richard C. Landon (pro hac vice), and Brooke F. Robbins (pro hac vice), of Lathrop GPM LLP, of Minneapolis, Minnesota, for appellees Sinav Limited, GTL Resources USA, Inc., GTL Resources Limited, GTL Resources PLC, and GTL Cambridge LLC.

Thomas K. Cauley Jr. , of Cauley Law Group LLC, of Hinsdale, and Joseph R. Dosch and Stephen Spector , of Sidley Austin LLP, of Chicago, for appellees Richard H. Ruebe and Jeffrey W. Lemajeur.

Marcos Reilly , of Hinshaw & Culbertson LLP, of Chicago, for appellees Vincent J. Kwasniewski and Neal T. Jakel.

Monte L. Mann , Joshua E. Liebman , and Ian P. Flanagan , of Armstrong Teasdale LLP, of Chicago, for other appellees.

Justices Knecht and Turner concurred in the judgment and opinion.


OPINION

¶ 1 This class action, pending now for nearly a decade, has a complex factual and procedural history that is better understood in the context of the issues presented rather than through an extensive chronology. We first provide a broad overview of the case...

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