1550 MP Road LLC v. Teamsters Local Union No. 700 

Illinois Appellate Court
Civil Court
Fraudulent Transfer Act
Citation
Case Number: 
2017 IL App (1st) 153300
Decision Date: 
Monday, November 13, 2017
District: 
1st Dist.
Division/County: 
Cook Co., 1st Div.
Holding: 
Affirmed in part and reversed in part.
Justice: 
PIERCE

(Court opinion corrected 11/14/17). Plaintiff LLC entered into Lease and Purchase Agreement (LPA) with local union. LPA was a valid and enforceable agreement, and Defendant (Local 700) was iable to Plaintiff for Local 726's breach of the LPA under theory of successor liability.  There was no transfer of an asset by a debtor within the meaning of Fraudulent Transfer Act, and even if there was, Plaintiff failed to prove actual value of the collective bargaining agreements (CBAs) at issue. Liquidated damages provision of the LPA is enforceable, and court's damages award of $1.996 million and for postjudgment interest and costs is affirmed. A vice president of International Union, who was asked by International Union to investigate financial condition of Local 726, is not liable for tortious interference with the LPA because his conduct was privileged. (HARRIS and SIMON, concurring.)