Fitness Companies Found To Be In Loan Default During Pandemic Dismiss Appeal

Mealey's (October 25, 2022, 12:47 PM EDT) -- CHICAGO — A group of Chicago area gyms on Oct. 24 moved for voluntary dismissal of their appeal to the Seventh Circuit U.S. Court of Appeals of an Illinois federal court order granting a Massachusetts bank’s motion for summary judgment in the bank’s lawsuit against the gyms after the gyms defaulted on loans and failed to surrender gym equipment that was put up as security.  The order also denied the gyms’ motion for summary judgment releasing them from their loan obligations based on frustration of the purpose of the loan contract caused by the executive orders of the Illinois governor shutting down gyms to prevent the spread of COVID-19....