How the Balensiefen Lawsuit turned out.

This is one of the latest documents from the UNITED STATES DISTRICT COURT, CENTRAL DISTRICT OF ILLINOIS and summarizes the outcome. It appears that this is the end of the suit. I welcome any clarifications by any attorneys or any of the parties.

court order on Balensiefen Lawsuit

And this is the Judgement:



13 comments on “How the Balensiefen Lawsuit turned out.

  1. Possible scenario: Balensiefen’s Peoria law firm was surely on a contingent-fee basis, aiming for a percent of the settlement or award. Then the law firm realizes they are suing an entity on the brink of bankruptcy, so the chances of a fee are remote. The law firm withdraws from the case. The defendent, with no legal representation, fails to respond to court orders. Court dismisses case.

    But it doesn’t mean that the suit was without merit.

  2. Or the assessment is astonishingly close…..Wish I could have continued but I did not have the resources in time or money to continue. Given the current status of the bank, winning the lawsuit would merely be symbolic and I am too financially fragile to continue the investment. My lawyer told me initially to hang on a year and it has now been 3 years and not even one deposition from any of the current or former bank employees. We would not even be going to court until next year which is after the OCC deadline. It is a pretty good strategy for a defendant’s lawyer, just keep kicking the can down the road to starve out the plaintiff…

    • Wow, that really stinks. Sorry for your anguish. I think most of the “perps” are or have gotten what was just punishment. All of their stock is now worthless, and their reputations are so tarnished they probably can’t even get a job servicing ATM machines. As for the “Gang” that is still there, and probably most responsible for delaying your lawsuit, well, theirs is still coming. I think most of them will be needing some Preparation H, by the time that SIGTARP is done with them..

      • Amen to that. I think the “Gang” are liquidating their shares the last couple of days. They can get $0.15 per share. They don’t have to report after tomorrow when the bank closes. Rumors are rumors, but I am told that tomorrow the fat lady will sing. 4:00 p.m. until 2:00 a.m, then the bank will re-open Saturday at 8:00 a.m, but not as Citizens First National Bank.
        Might be something to it when the employees are told they can take home the advertising signs with the Citizens logo. I wonder if they will have any pens leftover?
        Thanks a billion Tony Sorcic, Gary Bruce, Craig Wesner, Steve Samet, Sharon Covert, John Ernat and the rest of the “Gang”. You have taken 147 years of the history of your town and screwed it into the ground in just a few years of arrogance or stupidity or both. You will certainly have that legacy forever. You should all be tarred and feathered. You should be ashamed to show your faces.

        • Yeah! Sorcic is screwing the help and the board is covering his ass, paying her off, and telling us all that everything is o.k. Sounds more than just misleading to me. Meanwhile the bad loans, written while Sorcic was CEO, are circling and lining up like planes in a holding pattern at O’Hare. But Tony got out before they all landed so it isn’t his fault. BS. That is criminal. And so are they all.

          • An appropriate analogy, but the bad loans didn’t land. They crashed and the control tower was looking the other way . . .

        • I have posted the volumes for the last five days. Hardly enough volume to indicate that the insiders are heading for the exits. I don’t know how many times it has been posted that the next Friday is the final day for Citizens, but eventually, one of you will be right. Keep the rumors coming they make an interesting read.

          Oct 25, 2012 14,900
          Oct 24, 2012 800
          Oct 23, 2012 0
          Oct 22, 2012 2,500
          Oct 19, 2012 11,600

    • You would never win the lawsuit anyway so spare us the “I don’t have the time or money” bit. Please. Your case was BS from the beginning. You were a terrible loan officer and got fired. There were just some “other” events that took place you thought you could build a case off of. Move on.

      Personal attacks are edited out of this comment by the administration.

      • Wow, what is with all of the hostility? I would speculate that part of my lawsuit was somehow personal to you or someone you support, especially since you claim I was a terrible Loan Officer. Anyone that has done business with me knows that your claims are ridiculous. Ask the Illinois Valley Realtors and I think they would contradict your claims. Why don’t you identify who you are rather than hide behind some ridiculous handle? Then at least everyone on this forum could call you out on your biased garbage. I spent close to $10,000 to challenge Citizens. You do not make that type of financial investment or make yourself vulnerable to personal attacks from bozos if you do not hold the strong conviction that what was done was wrong. I would also add that I had excellent reviews until I turned in my boss to HR and filed a complaint with the federal government. Then I get fired when I am on track to close $40 million in mortgage loans (another sound business decision by mgmt.) Coincidence? Hardly. No other LO was even close to my loan production. Do us all a favor and keep your vitriol to yourself unless you want to lay it all on the line and tell us who you are.

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