The opinion of the court was delivered by: Judge: Dow
MOTION TO REINSTATE LAWSUIT AND FOR JUDGMENT
NOW COME the Plaintiffs, the Board of Trustees of the Pipe Fitters Retirement Fund, Local 597, et al., by and through their attorneys, Johnson & Krol, LLC, and pursuant to this Court's Order of January 18, 2011, move to Reinstate the Lawsuit and for Judgment against the Defendant Prairie Mechanical, Inc. and in support state as follows:
1. Plaintiffs are the Board of Trustees of the Pipe Fitters Retirement Fund, Local 597, the Board of Trustees of the Pipe Fitters Welfare Fund, Local 597, the Board of Trustees of the Pipe Fitters Training Fund, Local 597, the Board of Trustees of the Chicago Area Mechanical Contracting Industry Improvement Trust, the Board of Trustees of the Pipe Fitters' Individual Account and 401(k) Plan and the Board of Trustees of the Pipe Fitting Council of Greater Chicago (collectively "Trust Funds"), and Pipe Fitters' Association, Local 597 U.A ("Union").
2. The Defendant is Prairie Mechanical, Inc. ("Prairie").
3. On or about November 12, 2010, Plaintiffs filed their Complaint in the above-captioned matter.
4. On or about January 18, 2011, this Court entered an Order Dismissing the Lawsuit Without Prejudice and With the Retention of Jurisdiction to Enforce the Terms of the Parties' Secured Settlement Agreement of March 11, 2010 (hereafter referred to as the "Order"). The Secured Settlement Agreement was attached to the Order as Exhibit A. (Docket No. 19)(A copy of the Order is attached as Exhibit 1).
5. At the time that the Order was entered, there were two Defendants. The other Defendant, Michael Kluck filed for bankruptcy on January 31, 2012 (Case No. 12-03351). This motion is only for relief against Prairie as any and all actions against Michael Kluck are now stayed by the Automatic Stay.
6. Pursuant to the Order and Secured Settlement Agreement, Prairie is required to submit twenty-three (23) monthly payments, beginning on February 1, 2011, to the Plaintiffs in the amount of $3,141.83 each, at an interest rate of 6.00%, paying off a principal balance of $65,299.98. (Exhibit 1).
7. Pursuant to the Order and Secured Settlement Agreement, Prairie is required to submit two (2) monthly payments, beginning on January 1, 2013, to the Plaintiffs in the amount of $5,832.59 each, at an interest rate of 0.0%, paying off the remaining principal balance of $11,665.17. (Exhibit 1).
8. The terms of the Secured Settlement Agreement provide that in the event that Prairie defaults on any of its obligations under the terms of the Secured Settlement Agreement:
A.) All remaining payments will be accelerated and become immediately due and payable;
B.) Prairie hereby confess[es] judgment for any and all unpaid amounts; C.) An additional liquidated damages charge of 10% of all unpaid amounts shall become due and payable by Prairie; and
D.) In the event the Trust Funds and/or Union are required to engage an attorney to collect any amounts due under this Agreement, Prairie shall be liable for all reasonable attorney's fees and costs ...