Ill. Court Says Winterland Investors Can Sue Owners

Law360, New York (May 26, 2011, 4:04 PM EDT) -- Overturning a lower court's decision, an Illinois state appeals court ruled Wednesday that minority shareholders of Winterland Concessions Co. can sue majority owners for allegedly breaching a 1997 contract by causing the T-shirt licensing company to file for bankruptcy.

The Illinois First Judicial District Appellate Court rejected the argument by defendants Cerberus Capital Management LP, Madeleine LLC and Gordon Brothers Group that a California bankruptcy court's decision precluded shareholders Morton Lapides and his holding company, MML Inc., from suing. The opinion is the latest development in...
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