Querrey & Harrow Saves Illinois Taxpayers Millions
Querrey & Harrow attorneys Dan Gallagher, Larry Kowalczyk, Paul O'Grady and Robert Benjamin recently won a great victory for the taxpayers of Illinois, by assisting Illinois Treasurer Alexi Giannoulias' efforts in foreclosure proceedings against the owners of the President Abraham Lincoln Hotel and Conference Center, which owes more than $29.5 million on its state-backed loan.
The saga began in 1982 when the state gave a $15.5 million loan to the hotel, which is owned by 80 politically-connected investors. Since then, the hotel made only intermittent payments, with the last one coming in August 2002. The foreclosure should pave the way for the state to obtain title to the Springfield, Illinois hotel and sell it to a new owner later this year. Proceeds from the sale will be used to pay off the State's debt on the hotel.
