"State’s sale of Lincoln Hotel put off until '09"

[Surety Insider]

State’s sale of Lincoln Hotel put off until '09 - Treasurer wants to collect on bond that insured loan


At this point, Wojcicki said, it is unlikely a settlement will be reached on the bond before the end of the year.

“As we got into it, we found it was a lengthier, more complicated process than we thought,” she said.

[Surety Insider]

Ill. delays sale of troubled hotel until next year

"Treasurer Alexi Giannoulias (jeh-NOO'-lee-ehs) is trying to collect on a surety bond issued when the President Abraham Lincoln Hotel was built in the 1980s."

[Surety Insider]

"However, the state will collect a bit more than it expected to at one time. Giannoulias' office will get almost $5.7 million, the amount of a surety bond bought by the hotel’s former owners – including Springfield developer William Cellini – when the hotel was built in the 1980s. The state insisted on the bond as a condition of a $15.5 million loan to the developers to build the hotel."

State collects on President Lincoln Hotel