A Chicago company is suing over claims the owner of Missouri company has defaulted on a $6 million loan.
Workers Retail Trust L.P. filed a breach of contact lawsuit July 16 in the Cook County Circuit Court against Robert E. Saur.
According to the complaint, Workers Retail Trust entered into a contract July 19, 2004, to loan $6 million to Saur's company, Maryland Walk LLC, to finance the development of a condominium in St. Louis, with Saur and his wife as personal guarantors.
The plaintiff claims the loan's maturity date was in 2008 and extended to 2010, but Saur has failed to pay.
Workers Retail Trust is seeking the more than $4.26 million in principal, $217,000 in interest, $3.05 million in default interest and $.36 million in standby fees it alleges is owed.
It is being represented in the case by attorneys Kenneth W. Funk and Brian D. Saucier of Deutsch, Levy & Engel Chtd. in Chicago.
Cook County Circuit Court Case No. 2014L007470.
This is a report on a civil lawsuit filed in the 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 only represents one side of the story.
Suit: Missouri company defaulted on $6M for St. Louis condo development
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