News Releases

Lindquist & Vennum Wins $6.4 Million Verdict on Behalf of First-Citizens Bank

08.01.13

Lindquist & Vennum has successfully secured a $6.4 million judgment in Denver District Court for their client, First-Citizens Bank & Trust Company, against former Denver Bronco David Treadwell for failure to pay on a real estate development loan.

The case, First-Citizens Bank & Trust Co. v. Sierra Verde II et al., originated when Sierra Verde II, LLC, failed to repay a loan stemming from an unsuccessful real estate development project. Treadwell was a manager of Sierra Verde and he personally guaranteed the loan. After Sierra Verde declared bankruptcy, the case continued against Treadwell on his guaranty.

During the trial, Treadwell’s attorney asserted several complex affirmative defenses involving the interplay of Sierra Verde’s bankruptcy plan and the legal effect of the ‘Shared Loss Agreement’ between the FDIC and First-Citizens Bank. The court rejected these defenses and awarded First-Citizens Bank the entire amount owed.

“We are very pleased with the court’s decision,” said John Chanin, lead trial counsel for Lindquist & Vennum. “Despite all the legal maneuvering, this case was ultimately straightforward – if you borrow money, you need to pay it back.”

In addition to Chanin, the Lindquist & Vennum trial team included John Cutler.

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