Bilfeld v. Town & Country Restaurant LLC et al

Filing 34

MOTION by Plaintiff David Bilfeld for judgment [Application For Default Judgment] (Attachments: # 1 Affidavit, # 2 Exhibit, # 3 Exhibit, # 4 Exhibit, # 5 Declaration, # 6 Exhibit, # 7 Exhibit, # 8 Exhibit, # 9 Exhibit, # 10 Exhibit, # 11 Exhibit, # 12 Exhibit, # 13 Exhibit, # 14 Exhibit, # 15 Exhibit, # 16 Text of Proposed Order)(Spak, Donald)

Bilfeld v. Town & Country Restaurant LLC et al

Doc. 34 Att. 1

IN THE UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF ILLINOIS, EASTERN DIVISION

DAVID Bl[FE[D, Plaintiff,
vs.

TOWN & COUNTRY RESTAURANT LtC, ETHAN HUDSON, lNC., and BRIAN ELDRIDGE,
Defendants.

09 c7742 Judge Dow Magistrate Judge Schen kier

AFFIDAVIT OF DAVID BItFEtD

David Bilfeld, under penalty of perjury, deposes and states as follows:

1.

I am the plaintiff in this case and am competent to testify as to the

facts stated in this affrdavit

if called

as a witness

in this case. I am a citizen of

Scottsdale, Arizona. This affidavit is submittecl to explain how I invested $100.000

in Town & Country Restaurant LLC.

2.

During March 2008, Brian Eldridge was the promoter of Town &

Country Restaurant LLC (the "LLC"), which intended to develop and open a

restaurant at 525 W. Monloe, in Chicago. The LLC's manager was Ethan Hudson,
fnc., an Illinois corporation of which Brian Eldridge was the president.

3. 4.

Brian Eldridge gave me the attached Confidential Offering

Memorandum (Exhibit B) soliciting subscriptions in the LLC.
Page 1 of the Confidential Offering Memorandum states that all paid

subscription proceeds will be held in a bank account until the LLC raises at least
$1,200,000:

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'l'he proceeds ol'this Oft'cring shall bc tleposited in a non-intcrcst bcaring account o[ the andshall not bc used hy thc l.l-(l until tht: latcr ol'thc datc that (.,\) ot lcast 120 l)rclcrrcd l.l-C: ljnits havc bccn subscribcd for (S1,100.000 ruised) and (U) thc t.t,C has cntu'rcd irtto a satislactory lca-sc lor thc proposcd spacc ("Proposed Spircr:") lor thc rcslaurilnt to bc orutcd b1' thc LLC ilt -5?-5 W. \.tonroc, Chicago. Illinois 60661. Iiat lcust ll0 l'rclcrrcrl L-lnits (S1,2(X).0(X) of procccds) lravc h{jsn subscribcd lirr in accordancc rvith thc tcmts of this Otltring iurd the I-l,Cl has entcrcd into a .satisfactor). k'iL.ic lbr thc Proposecl Spacu. thc procccds of'this ()fl'cring shull beconrc immediatcll'availahle to thc Ll.C.

5.

This condition guaranteed that the LLC would be adequately

capitalized to develop the intended restaurant, and any subscription payment would be safe and not rnacle available to the LLC until the LLC raised at least
$1,200,000. In reliance upon this condition,

I decided to invest in the LLC.

6.

On March 7, 2008,

I

gave my $100,000 subscription check payable to

Town & Country Restaurant LLC to Brian Eldridge to purchase one $100,000 Preferred Unit in the LLC in reliance on the Confidential Offering Meurorandum's
promise that the project would be adequately capitalized and my subscription payrnent woulcl be held in a non-interest bearing accottnt until the LLC raised at

least $1,200.000 in subscriptions.
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7.
i

Here is the

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image of my $100,000 check, showing that

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was deposited into au account at J.P. Morgan
Chase Bank, N.A.

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8. 9.

I periodically called Brian Eldridee for status reports. When he

refused to speak with me, I engaged counsel. On November L2, 2009, my attorney sent the attached letter inquiring

as to how many subscriptions have been received and where the proceeds are being

held. Neither my attorney nor I received a response to the inquiry,
my attorney to file suit.

so

I directed

10.

The facts stated in this affidavit are true and correct.

DAVID BILFELD Plaintiff

Donalcl F. Spak 180 North LaSalle St., #1801 Chicago, IL 60601 [phone] Attorneys for Plaintiff David Bilfeld

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