On May 29, 2026, the Illinois Appellate Court (Second District) ruled in favor of our
client, Scott Tollaksen, in a multi-million dollar shareholder dispute against his partners and former employers, Lionheart Critical Power Specialists, Inc. and Lionheart Power Systems, Inc. The Appellate Court reversed the trial court and agreed that Lionheart failed to exercise an option under the parties’ Buy-Sell Agreement when it conditioned acceptance of the option upon additional, material terms that were not required under the parties’ Buy-Sell Agreement, including the forfeiture of his interest in a separate real estate partnership for no consideration, a non-compete agreement and forced indemnification. A copy of the Appellate Court’s ruling (2026 IL App (2d) 240539-U) can be viewed by clicking here
The Appellate Court’s ruling means that our client has retained his status as a shareholder ever since 2016, and his claims for breach of fiduciary duty and shareholder oppression can proceed to trial. The firm has also sought to amend its complaint to assert additional claims against Lionheart and its other shareholders, including claims under the Illinois Wage Payment and Collection Act, which include a 5% per month penalty for all compensation that has not been paid as well as mandatory attorneys’ fees.
DeBlasio Law Group attorneys Antonio DeBlasio and Brian A. Bosch represented Mr. Tollaksen in the trial court and appeal, along with experienced appellate co-counsel, Robert Black. Mr. DeBlasio and Brian Bosch have over 70 years of combined experience representing businesses, individuals and estates in contested litigation matters in Chicago and Cook County, as well as in surrounding Chicagoland counties, including, DuPage, Lake, Kane, Will and McHenry Counties.