Formula Outdoor sues to recover escrow money over leased property

A dispute over property in Orland Park has prompted a lawsuit.

Formula Outdoor Inc. filed suit July 1 in Cook County Circuit Court against AP Wireless Investments I LLC and Fidelity National Title Insurance Co., as escrowee.

According to the complaint, the plaintiff owned property at 13500 S. Harlem Ave. in Orland Park, which it leased to AP Wireless on March 13, 2013 for the purpose of building a cell tower.

In April 2014, Formula Outdoor claims it was served with a foreclosure notice for the property and informed AP Wireless, which had already entered into an escrow agreement regarding the property in September.

The mortgage, the suit states, was purchased April 17 by AP WIP Holdings LLC, an affiliate of the defendant, without notifying Formula Outdoor. As a result of the sale, the plaintiff claims AP Wireless owes it the total amount of funds in the established escrow account.

The plaintiff is seeking a declaration to receive the escrowed funds held by Fidelity National, reasonable fees and costs, the sum of $73,891.32 and any other relief the court deems just. It is represented by the law firm of Barrett & Sramek.

Cook County Circuit Court Case No. 2014CH10944.

This is a report on a civil lawsuit filed in Cook County Circuit Court. The details in this report come from an original complaint filed by a plaintiff. Please note, a complaint represents an accusation by a private individual, not the government. It is not an indication of guilt and it represents only one side of the story.