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KHAN v. GRAMERCY ADVISORS, LLC

No. 4-15-0435.

2016 IL App (4th) 150435

SHAHID R. KHAN; ANN C. KHAN; UVIADO, LLC; JONCTION, LLC; and LEMAN, LLC, Plaintiffs-Appellees, v. GRAMERCY ADVISORS, LLC; GRAMERCY ASSET MANAGEMENT, LLC; GRAMERCY FINANCIAL SERVICES, LLC; TALL SHIPS CAPITAL MANAGEMENT, LLC; and JAY A. JOHNSTON, Defendants-Appellants.

Appellate Court of Illinois, Fourth District.

Modified upon denial of rehearing October 3, 2016.

OPINION

¶ 1 The plaintiffs are Shahid R. Khan (Khan); his spouse, Ann C. Khan; and some limited liability companies, in which, pursuant to the "2002 and 2003 Distressed Debt Strategies," Khan bought majority interests. The strategies proved to be ineffectual tax shelters...

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