Article

Topic: Reimbursement

Note: Subsequent to its grant of summary judgment in favor of MTGLQ Investors, L.P. (Beneficiary), the court permitted the parties to submit additional evidence to determine the amounts owed by the City on three guarantees given to the Beneficiary for various amounts. The City contended that no interest was owed on one of the guarantees because it is impossible to determine which guarantee was set off by Bank One with respect to a LCthat it had issued in its reimbursement claim. The United States District Court for the Northern District of Ohio, Eastern Division, Boyko, J., ruled that because no proper evidentiary support of Beneficiary's interest claim could be reasonably calculated, no interest would be awarded.

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