Geoffrey Belzer (Partner-Chicago) obtained a defense verdict on behalf of a private client in a commercial matter in which a Chicago-area bank sought to recover $1.5 million on loan guarantees and more than $1.1 million in attorney fees spent in prosecuting claims of breach of contract, tortious interference, fraud and conspiracy. The defense verdict followed a three-day bench trial in the Cook County Circuit Court. In ruling for our client and an additional co-defendant, the judge relied on the evidence produced during trial, including the cross-examinations of the bank’s president and loan officer, to determine that the bank did not meet its burden to establish that it had disposed of the collateral for the loan (primarily a bridal design company with significant consumer and industry brand-name recognition) in a commercially reasonably manner. The evidence at trial demonstrated that the bank had received an appraisal in excess of $3.8 million for the business, did not demonstrate significant activity to attempt to sell the business, and ultimately sold it for $775,000 or less than 20 percent of its appraised value.