Turns out, Jimmy Gierczyk has cash-flow problems west of the Mississippi
Gierczyk, among other things, is the principal in Sand Creek CC Real Estate
LLC, current owner of the Sand Creek Country Club, against which the Lake
Erie Land Company (LEL) has filed a foreclosure suit.
He’s also the principal in Chesterton Development Partners LLC, owner of
various acreage in Coffee Creek Center and the Estates of Sand Creek,
against which an Illinois bank has filed a foreclosure suit.
Gierczyk’s been sued by a number of creditors. He’s even been sued by his
own lawyers, who allege that he refused to pay more than $250,000 in legal
Now Gierczyk’s being sued by one of his partners, Charles Anzilotti, who in
a Maricopa County, Ariz., case is claiming that Giercyzk misappropriated the
whole of a $1.4 million earnest deposit made to their development company,
half of which Anzilotti says was owed to him.
That misappropriation—what the document calls “unauthorized
self-dealings”—led to their company’s defaulting on $4.1 million bank loan,
according to Anzilotti’s suit.
In the meantime, that bank has filed its own suit against Giercyzk and
The saliencies of Anzilotti’s suit, filed on April 1:
•In December 2000 Suerte Property LLC was formed for the purpose of
developing property in Maricopa County. In February 2002 Anzilotti became a
member of Suerte.
•Between October 2006 and January 2007, the suit alleges, Gierczyk received
a total of $1.4 million from Joe Gagliano and Tony Burgi as an earnest
deposit for the purchase of Suerte’s property.
•But “unbeknownst “ to Anzilotti, the suit alleges, Gierczyk “transferred to
himself, or to affiliated businesses and/or entities controlled by him, or
to third parties, including family members and friends, the entire $1.4
•When Anzilotti learned of Gierczyk’s receipt of the earnest deposit and
asked to see the company’s books, the suit alleges, Gierczyk “failed” to
make those books available to him.
•Meanwhile, in January 2008, Home National Bank made a loan of $4,122,398 to
Suerte, for which Anzilotti as a member of the company was required to make
a personal guarantee.
•Following that loan, the suit alleges, Gierczyk “made repeated requests for
disbursements” from Home National Bank but “failed to provide (Anzilotti)
with any information as to the amount of those disbursements, the purpose
for which the disbursements were requested, and the distribution of those
•And as “a direct and proximate result” of Gierczyk’s “unauthorized
self-dealings, including the conversion and disbursement of the earnest
deposit, Suerte defaulted” on the bank loan, the suit alleges.
The eight-count suit accuses Gierczyk, among other things, of breach of
fiduciary duty, breach of contract, conversion, and fraudulent transfer, and
is seeking an award of $700,000—half of the earnest deposit—plus interest
Anzilotti has “sustained damages for loss of credit reputation, humiliation,
anxiety, worry, and inconvenience,” the suit adds.
For its part, Home National Bank filed suit against Suerte, Gierczyk, and
Anzilotti on April 12, seeking an award of $1,522,444.59, which according to
the document is the amount still owed to the bank—or the
“deficiency”—following the foreclosure and sale of the property which
secured the $4,122,398 loan.
•Gierczyk, through his Sand Creek CC Real Estate LLC, owes the LEL a total
of $12,132,500, after defaulting on a promissory note in the principal
amount of $11.5 million, secured by a mortgage against Sand Creek Country
Club, a suit filed last month by LEL alleges.
•Giercyzk, through his Chesterton Development Partners LLC, owes about the
same to Old Second National Bank of Chicago Heights, Ill., after defaulting
on an $11.9 million loan secured by 42 acres in Coffee Creek Center and 18
lots in the Estates of Sand Creek, a suit filed in May by the bank alleges.
•Gierczyk, through four other LLCs, owed in excess of $22.5 million to the
First Bank and Trust Company of Palatine, Ill., after defaulting on loans
totaling $31.6 million, according to a suit filed by the bank. A separate
suit filed by First Bank and Trust accuses Gierczyk of transferring assets
to his wife with “intent to hinder, delay, or defraud his creditors.”
•Gierczyk’s own legal firm sued him in an attempt to recover more than
$250,000 in legal fees and litigation expenses which it claims Gierczyk
refused to pay.
•And Crane’s reported in April that Wheatland Bank of Naperville, Ill., has
filed foreclosure suits on three of Gierczyk’s suburban strip-mall
developments in that state.