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*** UPDATED x6 *** Judge denies request to file taxpayer lawsuit over state bonds

Thursday, Aug 29, 2019

* Breaking news from the Bond Buyer’s Illinois reporter


Background on the legal action is here, here, here and here.

This post will be updated.

*** UPDATE 1 *** Emily Bittner in the governor’s office…

The administration is pleased that the judge repudiated this sham lawsuit brought on by the same far-right actors whose pathological desire to bankrupt the state brought us four years of devastation under Bruce Rauner.

*** UPDATE 2 *** Comptroller Susana A. Mendoza…

We’re very pleased that Judge Jack Davis did the right thing and threw out this completely frivolous ‘political stump speech’ of a lawsuit. Now that it is clear that Illinois Policy Institute CEO John Tillman and the Warlander hedge fund filed this phony lawsuit just to try to sabotage Illinois’ credit rating for personal financial gain and headlines, anyone who has supported the IPI in the past should rethink their support. Under the new leadership of Governor Pritzker and the steady resolve and financial stewardship of the Comptroller’s Office, the state of Illinois is fixing its finances and the bond rating agencies are recognizing this.

*** UPDATE 3 *** Annie Thompson at the attorney general’s office…

As we stated in our written submissions and oral argument, the plaintiffs waited nearly two decades after the first bonds were issued and billions of dollars were paid into the pension funds, and then waited several years after the second bonds were issued and payments were made on the backlog of bills owed to the state’s service providers and other vendors. The delay alone demonstrates that the petition was always without merit. We are pleased with the court’s decision to deny the plaintiffs leave to file a taxpayer action that, according to the court, “resembles far more of a political stump speech than it does a legal pleading” that “would result in an unjustified interference with the application of public funds.”

*** UPDATE 4 *** The full order is here.

*** UPDATE 5 *** John Tillman…

“I strongly disagree with the Court’s decision, will appeal and am confident that I will prevail. It was premature for the Court to decide the case on the merits at the petition stage. Moreover, I disagree with the court’s conclusion that whether general obligation bonds have a specific purpose is a purely political question. The Illinois Supreme Court has ruled that the judiciary is in fact required to determine whether a challenged purpose is specific or not, and has done so on other occasions.”

John Tillman took on the lawsuit as an independent individual and concerned citizen. It is not an organizational initiative of the Illinois Policy Institiute.

*** UPDATE 6 *** Ted Hampton, Vice President and Senior Credit Officer of Moody’s…

The judge’s ruling today denying a lawsuit that sought to invalidate some of Illinois’ general obligation debt is positive for the state and in line with our view that the plaintiffs’ argument lacked merit. However, an appeal by the plaintiffs could still complicate the state’s near-term debt issuance plans.

- Posted by Rich Miller        

35 Comments
  1. - Honeybear - Thursday, Aug 29, 19 @ 4:05 pm:

    Great
    Thankful
    I was starting to have
    Janus flashbacks


  2. - Moe Berg - Thursday, Aug 29, 19 @ 4:08 pm:

    A tough day for hare-brained grifters. Back to the drawin’ board, Johnny.


  3. - Skeptic - Thursday, Aug 29, 19 @ 4:11 pm:

    Judge to Tillman: “Please go take a nap.”


  4. - Bertrum Cates - Thursday, Aug 29, 19 @ 4:13 pm:

    Faith in the Courts was rewarded this day and then some.


  5. - Biker - Thursday, Aug 29, 19 @ 4:14 pm:

    Hahahahaha


  6. - Oswego Willy - Thursday, Aug 29, 19 @ 4:15 pm:

    Thursday before a holiday weekend.

    It’s best that Tillman and Co aren’t wholly embarrassed on, say, a normal Tuesday or something.

    It’s critically important to realize Tillman and Company do not have the best interests of Illinois as their guiding principle, they’d guiding principles are to destroy the fiscal capacity of Illinois and with that organized labor, while talking of lower taxes and watchdog “status”

    The worst resume one can have is IPI and Rauner and try to portray yourself as someone who believes in good governance.

    Be leery of those resumes.


  7. - Bertrum Cates - Thursday, Aug 29, 19 @ 4:16 pm:

    = but doesn’t reference it otherwise in his order despite having heavily questioned plaintiff attorney about fund’s position during hearing =

    No need to debate motives when the law does not support the underlying argument of the suit. Enjoy those premiums!


  8. - Oswego Willy - Thursday, Aug 29, 19 @ 4:16 pm:

    ===repudiated this sham lawsuit===

    Please tell me this is a purposeful trolling.

    If it’s not, lie to me anyway and say it was.

    So tasty.


  9. - Hamlet's Ghost - Thursday, Aug 29, 19 @ 4:18 pm:

    Expressed as a mathematical equation:

    sham lawsuit + far-right actors + pathological +
    bankrupt the state + four years of devastation = Bruce Rauner


  10. - Anyone Remember - Thursday, Aug 29, 19 @ 4:25 pm:

    “Indeed, it resembles far more of a political stump speech than it does a legal pleading.” Point, set, match.


  11. - Norseman - Thursday, Aug 29, 19 @ 4:26 pm:

    Booyah

    Tillman put down and shamed, as he should be.

    The only downside is that Tillman has not been charged the cost of defending this frivolous suit.


  12. - OutOfState - Thursday, Aug 29, 19 @ 4:27 pm:

    Tell us how you really feel, Ms. Bittner…

    lol


  13. - Skeptic - Thursday, Aug 29, 19 @ 4:28 pm:

    “Indeed, it resembles far more of a political stump speech than it does a legal pleading.” I just read the original complaint, and he’s absolutely right.

    https://wirepoints.org/wp-content/uploads/2019/07/complaint.pdf


  14. - Oswego Willy - Thursday, Aug 29, 19 @ 4:36 pm:

    Wonder if Diana Rauner is still a fan of Tillman messaging;

    The judge, not so much, that much is certain, let along not a legal scholar, that Tillman.


  15. - TheInvisibleMan - Thursday, Aug 29, 19 @ 4:39 pm:

    So when does that wirepoints guy come back into the comments to talk down to everyone, and tell us all to be careful with our accusations.


  16. - Bertrum Cates - Thursday, Aug 29, 19 @ 4:40 pm:

    That language comes second only to, “Mr. Blagojevich, you are a convicted liar, correct?”


  17. - Shytown - Thursday, Aug 29, 19 @ 4:48 pm:

    Thank you judicial system and thank you Emily Bittner for the best quote of the day.


  18. - Oswego Willy - Thursday, Aug 29, 19 @ 4:51 pm:

    ===…filed this phony lawsuit just to try to sabotage Illinois’ credit rating for personal financial gain and headlines, anyone who has supported the IPI in the past should rethink their support.===

    This is seriously good work here.

    Ball game.

    Pithy and pointed, this is bringing heat and light.


  19. - Oswego Willy - Thursday, Aug 29, 19 @ 4:54 pm:

    Schneider, Shaw, Tillman, IPI… the leadership of the ILGOP

    Keep that in mind when you read this repudiation of Tillman and the sham of a lawsuit this was.

    The ILGOP needs to regroup.

    Tillman isn’t gonna be helpful.


  20. - Facts Matter - Thursday, Aug 29, 19 @ 4:56 pm:

    I’m waiting for the response from the Trib editorial board. I suppose it will be the usual bleating about state fiscal gloom and doom. The only “good” thing to come out of this nonsense is that I picked up some General Obligation bonds at a good price when some folks panicked and sold.


  21. - Oswego Willy - Thursday, Aug 29, 19 @ 5:14 pm:

    To Update #3

    Talk about mailing it in…

    Next time, just say.

    “The judge’s opinion speaks for itself.”


  22. - Chicago Cynic - Thursday, Aug 29, 19 @ 5:14 pm:

    This was inevitable and totally deserved. Now I want Rule 11 sanctions for filing a frivolous lawsuit.


  23. - Da Big Bad Wolf - Thursday, Aug 29, 19 @ 5:36 pm:

    ==This was inevitable and totally deserved. Now I want Rule 11 sanctions for filing a frivolous lawsuit.==

    But IPI cares so much about Illinois spending too much money. So surely Mr. Tillman will get be eager to get his wallet out and repay Illinois for it’s expense without any prompting. /s


  24. - Perrid - Thursday, Aug 29, 19 @ 5:56 pm:

    “am confident that I will prevail”

    gotta wonder where that confidence comes from after SO MANY losses, geez.


  25. - Oswego Willy - Thursday, Aug 29, 19 @ 6:00 pm:

    ===“I strongly disagree with the Court’s decision,…===

    Is that you Commander Jo Galloway? LOL


  26. - Oswego Willy - Thursday, Aug 29, 19 @ 6:03 pm:

    Here is… “everything”

    Perspective?

    ===It was premature for the Court to decide the case on the merits at the petition stage. Moreover, I disagree with the court’s conclusion that whether general obligation bonds have a specific purpose is a purely political question.===

    … but reality…

    ===The judge’s ruling today denying a lawsuit that sought to invalidate some of Illinois’ general obligation debt is positive for the state and in line with our view that the plaintiffs’ argument lacked merit.===

    Moody’s remarks… that’s real.


  27. - Oswego Willy - Thursday, Aug 29, 19 @ 6:16 pm:

    ===John Tillman took on the lawsuit as an independent individual and concerned citizen. It is not an organizational initiative of the Illinois Policy Institiute.===

    Funny…

    People can’t differentiate between the two

    That’s good branding, LOL


  28. - A Jack - Thursday, Aug 29, 19 @ 6:27 pm:

    If any former Illinois Bond holders were harmed by this action they may be able to sue Tillman and Warlander. This sounds a lot like the credit default swap scam that Blackstone tried to pull. The other bond holders have a suit against Blackstone. Certainly if any Illinois bond holders panicked and sold, they should look into suing.


  29. - @misterjayem - Thursday, Aug 29, 19 @ 6:46 pm:

    “John Tillman took on the lawsuit as an independent individual and concerned citizen.”

    LOL.

    – MrJM


  30. - Facts Matter - Thursday, Aug 29, 19 @ 7:09 pm:

    Tillman says he filed suit as an individual. Perhaps he will prove that by releasing a copy of the engagement letter with the attorneys so we can see who is funding this litigation. I doubt Tillman has the resources to fund a suit of this magnitude on his own. He makes a good salary from IPI, but I doubt it’s enough to fund this quest.


  31. - Morty - Thursday, Aug 29, 19 @ 7:19 pm:

    I suspect even the Wirepoints guys were a little red faced on this move by Tillman. They issued their obligatory cover fire, as per standing orders, but you could tell their heart wasn’t in it.


  32. - Rich Hill - Thursday, Aug 29, 19 @ 8:42 pm:

    Tillman did a bad job of working the umps.


  33. - Strategy Geek - Thursday, Aug 29, 19 @ 8:55 pm:

    ===John Tillman took on the lawsuit as an independent individual and concerned citizen. It is not an organizational initiative of the Illinois Policy Institiute.=== Wonder if that quote came in from an IPI flunkie on an IPI server or if Tillman is Bob-Dole-talkin’ about himself in the third person. IPI starting to take steps to insulate itself from liability?


  34. - Cubs in '16 - Friday, Aug 30, 19 @ 9:48 am:

    ===“I strongly disagree with the Court’s decision,…===

    -Is that you Commander Jo Galloway? LOL-

    He’s saving his strenuous objection for when he loses on appeal.


  35. - Bertrum Cates - Friday, Aug 30, 19 @ 10:30 am:

    To the last update: Is Moody’s throwing shade on the Court?


Sorry, comments for this post are now closed.


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