LAWSUITS NEWS & LEGAL INFORMATION
Millenium Park Development
Chicago, IL: (Mar-26-08) Paul Schwendener Inc. and minority contractor G. M. Harston Construction Co. brought a lawsuit against the city of Chicago in 2001, seeking to recover as much as $64 million, after it was dismissed six months earlier amid massive cost overruns and long delays in completion of the high-profile park, located at Michigan Avenue and Randolph Street. Records show that in July 2007, after earlier settlement negotiations with the city failed, the joint venture between Paul Schwendener Inc. and G. M. Harston Construction Co., as well as three other Schwendener companies, filed for Chapter 11 bankruptcy protection from creditors. Sources stated that the filing in US Bankruptcy Court in Chicago cost the venture leverage during the negotiations.
The parties had reached a settlement in the dispute, in which Richard M. Daley, Mayor of Chicago's administration agreed to pay the joint venture $11 million to resolve litigation, ending the dispute over the Millennium Park construction project. Company spokespersons said that the bulk of the proceeds from the settlement, about $10.4 million after legal fees and other expenses, will go to pay down more than $32 million in unpaid loans owed to Midwest Bank & Trust Co. and Northern Trust Co. Chicago-based Harston would receive $70,000 of the settlement amount. [CHICAGO BUSINESS: CITY HALL IN DEAL IN MILLENIUM PARK DISPUTE]
Published on Mar-30-08
The parties had reached a settlement in the dispute, in which Richard M. Daley, Mayor of Chicago's administration agreed to pay the joint venture $11 million to resolve litigation, ending the dispute over the Millennium Park construction project. Company spokespersons said that the bulk of the proceeds from the settlement, about $10.4 million after legal fees and other expenses, will go to pay down more than $32 million in unpaid loans owed to Midwest Bank & Trust Co. and Northern Trust Co. Chicago-based Harston would receive $70,000 of the settlement amount. [
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