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F.D.I.C. v. ELDER CARE SERVICES, INC.

No. 95-1729.

82 F.3d 524 (1996)

FEDERAL DEPOSIT INSURANCE CORPORATION, as Liquidating Agent of First Mutual Bank for Savings, Plaintiff, Appellee, v. ELDER CARE SERVICES, INC. and Frank C. Romano, Jr., Defendants, Appellants.

United States Court of Appeals, First Circuit.

Decided April 24, 1996.

Attorney(s) appearing for the Case

William T. Harrod III with whom Harrod Law Offices, Peabody, MA, was on briefs, for appellants.

Daniel H. Kurtenbach, Counsel, with whom Ann S. Duross, Assistant General Counsel, and Richard J. Osterman, Jr., Senior Counsel, Washington, DC, were on brief, for appellee.

Before SELYA, BOUDIN and LYNCH, Circuit Judges.

BOUDIN, Circuit Judge.

In January 1987, Brandon Woods of Glen Ellyn, Inc., a wholly owned subsidiary of Elder Care, Inc., borrowed $10.1 million from First Mutual Bank for Savings located in Boston. The purpose was to finance the purchase by Brandon Woods of the site of a former seminary in Glen Ellyn, Illinois, and the development of the property into a retirement community. In due course the property was acquired by Brandon Woods for $4.5 million.

The bank...

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