Heller Equity Capital Corp. v. Clem Environmental Corp.

Plaintiff, Heller Equity Capital Corporation (HECC), as assignee of Heller Financial, Inc. (Heller), filed an action in the circuit court of Cook County seeking: (1) a declaratory judgment that a letter agreement (agreement) entered into between Heller and defendant, Clem Environmental Corporation, in connection with certain financing Heller provided to defendant was valid and enforceable; and (2) specific performance of the agreement requiring defendant to issue 2,000 shares of preferred stock to HECC. Defendant pled an affirmative defense maintaining that the letter agreement was void and…