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FIRST NATIONAL BANK OF CICERO v. SYLVESTER

No. 1-88-3494.

196 Ill. App.3d 902 (1990)

554 N.E.2d 1063

FIRST NATIONAL BANK OF CICERO, Plaintiff and Counterdefendant-Appellee, v. LOUIS J. SYLVESTER, Defendant and Counterplaintiff-Appellant.

Appellate Court of Illinois — First District (2nd Division).

Rehearing denied May 16, 1990.

Attorney(s) appearing for the Case

Jenner & Block, of Chicago (Thomas R. Mulron, Jr., and Bradley P. Nelson, of counsel), for appellant.

Schwartz, Cooper, Kolb & Gaynor, of Chicago (Martin W. Salzman and Eric S. Rein, of counsel), for appellee.

Reversed and remanded.

PRESIDING JUSTICE DiVITO delivered the opinion of the court:

The First National Bank of Cicero (the Bank) sued Allied Mechanical Industries, Inc. (Allied), and Louis J. Sylvester, Allied's president and sole shareholder, to collect approximately $380,000 due on a promissory note executed by Allied and guaranteed by Sylvester. Sylvester filed a counterclaim seeking $3.5 million in damages under a theory of promissory estoppel or, alternatively...

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