CHICAGO – A Maine banking institution alleges it is owed more than $2 million.
Northeast Bank filed a complaint on April 4 in Cook County Circuit Court against
Michael Tarandy, Jud Reidy and Dennis M. Tarandy Declaration of Trust dated July 9, 2002,
citing alleged breach of guaranty.
According to the complaint, the plaintiff alleges that, on Dec. 27, 2013, it entered into a loan agreement with R&T Management LLC (owned by defendants Tarandy and Reidy) in the principal amount of $2.7 million and it did not receive payment for the full amount under the guaranty. The plaintiff holds Michael Tarandy, Jud Reidy and Dennis M. Tarandy responsible because the defendants allegedly executed and delivered a guaranty of payment, failed to pay and perform all the obligations of borrower, R&T Management LLC, and failed to make full payments.
The plaintiff requests a trial by jury and seeks judgement against defendant in the total amount of $2,736,290.69, plus interest, attorney's fees and costs and such other relief as the court may deem just and equitable. It is represented by Philip J. Block of Riemer & Braunstein LLP in Chicago.
Cook County Circuit Court Case number 2016L003380