Guarantors Can't Evade Suit Over $60M Mall Loan

Law360, New York (January 25, 2012, 7:26 PM EST) -- An Illinois federal judge on Wednesday kept Chivas Retail Partners LLC on the hook as guarantors to a $59.7 million delinquent loan to a Georgia shopping center, denying the company's motion to dismiss allegations brought by lender Inland Mortgage Capital Corp.

U.S. District Judge Milton I. Shadur said Chivas and two individual guarantors are “dead wrong” in trying to dodge the Illinois case by citing the foreclosure action in Georgia, where the borrower, Harbins Crossing TC LLC, defaulted on the loan.

The loan documents “unambiguously sew...
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