President Lincoln Hotel Venture v. Bank One

Plaintiffs, the President Lincoln Hotel Venture (Lincoln) and the Collinsville Hotel Venture (Collinsville), brought an action seeking a declaratory judgment, injunctive relief and specific performance against defendants, Bank One, Springfield (Bank One) and the Treasurer of the State of Illinois, Patrick Quinn (Treasurer Quinn), in relation to the provisions of a loan restructuring agreement which arose out of the Illinois Insured Mortgage Pilot Program (Mortgage Program). The trial judge dismissed plaintiffs’ action on the grounds that it was barred by the doctrine of sovereign immunity.…