Raymond Chin, the developer of a $375 million multi-use Grand Pier project at Grand and Illinois in Chicago, heads for a showdown with lenders. The project has been stalled since 2001 because of a construction cost overrun dispute. Lehman Brothers Holding Inc., one of Chin's lenders on the project, filed its court claim seeking to hold auction on February 5 of the legal vehicle that owns the project site in order to collect more than $42 million alleged due on a 3-year-old, $22.5 million mezzanine loan. La Salle Bank, which filed its own foreclosure case in July 2001, amended its complaint against Chin for alleged fraudulently concealed overruns cost. Mr. Chin is president of Chicago-based P.M. Chin & Associates, Inc. Chin rejects claims by Lehman Brothers and LaSalle as unfounded. (Source: Thomas A. Corfman, Chicago Tribune, Jan 30, 2003).