I posted a comment on Facebook regarding an “Update” published by the village of River Forest about the Lake and Lathrop fiasco in River Forest. Some residents have asked me to send the comment to your newspaper:
After having reviewed the Complaint, Answers, Affirmative Defenses, Construction Loan and Guaranty (2023CH05065) filed in Cook County Circuit Court by Beverly Bank vs Lake Lathrop LLC, Frank Paris Jr. and various LLCs, Delaware and Nevada Corporations (likely used to collateralize the $20 million line of credit given by the bank) et al, this “Update” is a mischaracterization of the situation at best.
The evidence attached to the lawsuit contain multiple “red flags” that should have alerted the board this project was in serious trouble. The bank acted quickly to protect its interests, and our River Forest board should have done the same, long, long ago. The residents should have answers about why this took so long to stop. The residents deserve this at the very least.
As of this date, the Mechanics Liens against Lake Lathrop LLC, as recorded by the Cook County Recorder of Deeds, are $2,251,244.04. These are contractors who have not been paid for services. The bank sued for over $4 million that was spent by Lake Lathrop LLC on the project.
I am a resident of River Forest since 1973 and a licensed Illinois attorney.