Theros international Gaming INC.

Theros international Gaming INC.

Theros was an Illinois corporation that owned a license to operate a casino in Patras, Greece. Theros was incorporated over 10 years ago by the same people who own gaming interests here in Illinois. In 1998, Mike Rose, a shareholder of Theros, initiated litigation in Chicago against two Greek brothers who were also shareholders in Theros. On October 2, 2002, Judge Stephen Schiller found that one of the Greek brothers had usurped a corporate opportunity of Theros when he purchased a hotel adjacent to the casino in Patras without offering the opportunity to Theros. Judge Schiller ordered Costas Mavrakis to turn over ownership and control of the hotel to Theros. I was the attorney in the United States representing Theros so it was my responsibility to enforce Judge Schiller’s ruling. Costas Mavrakis refused to comply with Judge Schiller’s ruling therefore I initiated legal proceedings in the case to enforce Judge Schiller’s ruling which ultimately led to entry of a $30 million judgment against Costas Mavrakis based on his conversion of Theros’ assets and monies. Post judgment proceedings also led to Cosats Mavrakis being held in contempt of court. I was then responsible for collecting the $30 million judgment. I commenced a novel citation proceeding in which I convinced the trial court to turn over any potential interest Costas Mavrakis may have in Theros stock over to Theros in partial satisfaction of the $30 million judgment. The trial court conducted a trial on the petition for turnover. At trial, my valuation expert concluded that Theros had a fair market value of approximately $80 million and ultimately gave Costas Mavrakis a credit of approximately $20 million toward the $30 million judgment in exchange for the elimination of any rights Costas Mavrakis may have in Theros stock.

This case involved 5 appeals, involved countless evidentiary hearings on a multitude of issues and was vigorously and contentiously litigated for over 10 years. Theros is now owned through a Greek company which is controlled by the young Greek tycoon Kostantinos Pilidakis of Athens, Greece. Costas Mavrakis has unsuccessfully challenged the rulings made to the highest courts in the United States and in Greece. I represented Theros throughout the entire history of the extensively contested litigation and I proposed strategy that was reviewed, approved and followed by the Board of Directors and attorneys representing the various shareholders over the years who were represented by the likes of Winston & Strawn, McGuire Wood and Goodsmith, Gregg & Unruh.