PRESS RELEASE

DALLAS - Oct. 15, 2011

Wick Phillips Gould & Martin, LLP won a decisive judgment on behalf of Allianz Life Insurance Company of North America, the plaintiff in a multi-million dollar commercial real estate case.

Following a week-long trial in late 2010, the U.S. District Court for the Western District of Texas - Austin Division issued a ruling which resulted in an $81 million judgment in favor of the Firm's client. "Aside from the monetary value of the judgment, this was a significant case because it reinforces the sanctity of contract law," said Bryan J. Wick, a partner with Wick Phillips and lead trial counsel for Allianz Life Insurance Company in the matter.

As representative of the plaintiff, Wick Phillips proved that the defendant committed financial covenant defaults, which entitled Allianz to certain remedies provided for in the loan documents including: the right to accelerate the notes, the right to proceed with foreclosure, and the ability to appoint a receiver to take possession of and/or sell the mortgaged properties.

In addition, the Court ordered that Allianz was entitled to recover the outstanding principal balance owed, the prepayment premium, the amount of default interest owed, plus additional interest accruing until the amounts owed under the terms of the notes are satisfied. "This was a lengthy and difficult process, but we could not be happier with the outcome for Allianz, and we are proud to be a part of a case that upholds the importance of strict contractual interpretation between lenders and borrowers in Texas," added Wick.

About Wick Phillips Gould & Martin, LLP: Serving the legal needs of businesses in a broad range of industries, Wick Phillips practices law with purpose. Specialty areas include commercial litigation, bankruptcy, creditor's rights, civil appeals, corporate, corporate advisory, labor and employment, and securities. For more information visit www.wickphillips.com.