⚖ Oral Arguments, with Context

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Zhu Zhai Holdings Limited v. Steven Ivankovich — 7th Cir. (Sep 25, 2026)

No. 25-2561 Argued September 25, 2026 Published September 30, 2026

The Seventh Circuit hears a fight over nearly one and a half million dollars in an escrow account. Zhu Zhai Holdings and Peter Lee lent money to companies controlled by Steven Ivankovich, who guaranteed repayment. After the borrowers failed to pay, the creditors won a judgment against him. Trying to collect, they found escrow money held by Walker and Dunlop, which was deposited with the court. Several Pilgrim companies intervened, saying the money was theirs, not Ivankovich's. A court-appointed special master found that Ivankovich controlled the funds, and the district judge adopted that finding, but has not ordered the money paid out. The companies appealed. The panel first asks whether that order is final enough to appeal; if so, it must decide whether ownership follows the companies' title or Ivankovich's actual control.

Zhu Zhai Holdings Limited v. Steven Ivankovich (No. 25-2561) — U.S. Court of Appeals for the Seventh Circuit, argued September 25, 2026.

Sources
Argument audio — U.S. Court of Appeals for the Seventh Circuit (public domain, 17 U.S.C. § 105):https://media.ca7.uscourts.gov/sound/external/dab.25-2561.25-2561_09_25_2026.mp3
Argument listing — U.S. Court of Appeals for the Seventh Circuit:https://media.ca7.uscourts.gov/oralArguments/oar.jsp?amonth=09%2F2026&aMonth=List+case%28s%29
Prior judgment — U.S. Court of Appeals for the Seventh Circuit:https://media.ca7.uscourts.gov/cgi-bin/rssExec.pl?Path=Y2022%2FD05-06%2FC%3A21-3038%3AJ%3APerCuriam%3Aaut%3AT%3AnpDp%3AN%3A2873058%3AS%3A0&Submit=Display
Loan and judgment order — U.S. District Court for the Northern District of Illinois:https://cases.justia.com/federal/district-courts/illinois/ilndce/1%3A2020cv04985/385346/91/0.pdf
Escrow and disbursement order — U.S. District Court for the Northern District of Illinois:https://cases.justia.com/federal/district-courts/illinois/ilndce/1%3A2020cv04985/385346/420/0.pdf
Consolidated appeal docket — U.S. Court of Appeals for the Seventh Circuit:https://dockets.justia.com/docket/circuit-courts/ca7/25-3185
Counsel biography — Konicek & Dillon:https://www.konicekdillonlaw.com/attorney/tahmassebi-amir-r/

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