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CONTINENTAL BANK, N.A. v. EVERETT

No. 91-2979.

964 F.2d 701 (1992)

CONTINENTAL BANK, N.A., Plaintiff-Appellee, v. Robinson O. EVERETT, et al., Defendants-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided May 21, 1992.

Rehearing Denied August 12, 1992.

Attorney(s) appearing for the Case

Lynn D. Thesing, Howard J. Roin (argued), Andrew S. Marovitz, Mayer, Brown & Platt, Chicago, Ill., for plaintiff-appellee.

Jeffrey C. Blumenthal, Todd R. Mendel, James R. Figliulo, Robert E. Wiss, Patrick R. Gabrione, Foran & Schultz, Chicago, Ill., Robinson Oscar Everett (argued), Everett, Gaskins, Hancock & Stevens, Durham, N.C., for defendant-appellant Robinson Everett.

Jeffrey C. Blumenthal, James R. Figliulo, Robert E. Wiss, Patrick R. Gabrione, Foran & Schultz, Michael J. Kralovec, William H. Hrabak, Jr., Ronald J. Guild, Feiwell, Galper & Lasky, Chicago, Ill., for defendant-appellant J.H. Froelich.

Before CUDAHY, EASTERBROOK and KANNE, Circuit Judges.

EASTERBROOK, Circuit Judge.

Guilford Telecasters, Inc., which operates WGGT-TV in Greensboro, North Carolina, borrowed $4.2 million from Continental Bank in 1984. Continental obtained guarantees from the firm's stockholders, each of whom is jointly and severally liable up to a limit based on his proportional ownership of the stock. Robinson Everett and the estate of Kathrine Everett, his mother, own 65% of the stock between them. Each guaranteed roughly $1.6 million...

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