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TULLY v. McLEAN

No. 1-09-2976.

948 N.E.2d 714 (2011)

Thomas M. TULLY, Trustee of the Thomas M. Tully Trust, and F.P.A., LLC, an Illinois Limited Liability Company, Individually and Derivatively on Behalf of Old Town Development Associates, LLC, Plaintiffs-Appellees, v. Daniel E. McLEAN, Piper's Alley Management, Inc., an Illinois Corporation, Lincoln Park Development Associates, LP, an Illinois Limited Partnership, MCL Companies of Chicago, Inc., an Illinois Corporation, MCL Management Corporation, an Illinois Corporation, and Old Town Development Associates, LLC, an Illinois Limited Liability Company and Nominal Defendant, Defendants-Appellants.

Appellate Court of Illinois, First District, Second Division.

April 26, 2011.

Attorney(s) appearing for the Case

Brown, Udell, Pomerantz & Delrahim, Ltd., Chicago (Glenn L. Udell, David A. Epstein, Lauren C. Walsh, Amanda C. Jones, of counsel), for Appellants.

Nisen & Elliott, LLC, Chicago (Michael H. Moirano, Claire E. Gorman, of counsel), for appellees.

OPINION

Justice KARNEZIS delivered the judgment of the court, with opinion.

Plaintiffs Thomas M. Tully, as trustee of the Thomas M. Tully Trust, and F.P.A., LLC (FPA), individually and derivatively on behalf of Old Town Development Associates, LLC (OTD), filed an action against defendants Daniel E. McLean, Piper's Alley Management, Inc. (PAM), Lincoln Park Development Associates, LP (LPDA), MCL Companies of Chicago, Inc. (MCL), MCL Management Corp. (MCL...

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