Vedder Price Represents TRG Venture Two, LLC in Favorable $9.5M Contempt Damage Award
On January 3, 2019, the United States Bankruptcy Court for the Northern District of Illinois entered a damage award in favor of Vedder Price client TRG Venture Two, LLC (TRG) in the amount of $9,500,000. Shareholders Douglas J. Lipke and William W. Thorsness acted as bankruptcy counsel and co-trial counsel with Pretzel & Stouffer’s Ed Ruff and Mike Turiello. The 4-day trial yielded one of the largest contempt awards for violation of a Bankruptcy Court injunction order ever in the country.
The award is against The Fidelity and Deposit Company of Maryland (F&D). In 2017, Bankruptcy Judge Timothy A. Barnes ruled that F&D violated the injunction by improperly suing TRG in state court after TRG bought property from the Kimball Hill bankruptcy trust. The court found that TRG suffered actual and compensatory damages as a result of F&D’s pursuit of litigation that violated its previous orders.
“We are pleased that the court found in TRG’s favor and I commend the hard work put forth by both co-counsels and TRG during the preparation and subsequent 4-day trial,” said Mr. Thorsness. Mr. Lipke continued, “We are proud of our relationship with TRG and congratulate them on this victory. This decision underscores the capabilities of our Bankruptcy and Litigation practices to deliver effective counsel to our clients.”
Vedder Thinking | News Vedder Price Represents TRG Venture Two, LLC in Favorable $9.5M Contempt Damage Award
Press Release
January 8, 2019
On January 3, 2019, the United States Bankruptcy Court for the Northern District of Illinois entered a damage award in favor of Vedder Price client TRG Venture Two, LLC (TRG) in the amount of $9,500,000. Shareholders Douglas J. Lipke and William W. Thorsness acted as bankruptcy counsel and co-trial counsel with Pretzel & Stouffer’s Ed Ruff and Mike Turiello. The 4-day trial yielded one of the largest contempt awards for violation of a Bankruptcy Court injunction order ever in the country.
The award is against The Fidelity and Deposit Company of Maryland (F&D). In 2017, Bankruptcy Judge Timothy A. Barnes ruled that F&D violated the injunction by improperly suing TRG in state court after TRG bought property from the Kimball Hill bankruptcy trust. The court found that TRG suffered actual and compensatory damages as a result of F&D’s pursuit of litigation that violated its previous orders.
“We are pleased that the court found in TRG’s favor and I commend the hard work put forth by both co-counsels and TRG during the preparation and subsequent 4-day trial,” said Mr. Thorsness. Mr. Lipke continued, “We are proud of our relationship with TRG and congratulate them on this victory. This decision underscores the capabilities of our Bankruptcy and Litigation practices to deliver effective counsel to our clients.”
