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MINASIAN v. STANDARD CHARTERED BANK, PLC

No. 96-2445.

109 F.3d 1212 (1997)

Armen S. MINASIAN and Jon Ansari, Plaintiffs-Appellants, v. STANDARD CHARTERED BANK, PLC, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided March 28, 1997.

Attorney(s) appearing for the Case

Dean A. Dickie (argued), D'Ancona & Pflaum, Chicago, IL, Aimee Storin Harrison, Monahan & Cohen, Chicago, IL, Mary P, Benz, Quinlan & Crisham, Chicago, IL, for Plaintiffs-Appellants.

Walter C. Greenough, J. Mark Fisher (argued), Stephen J. Bonebrake, Schiff, Harden & Waite, Chicago, IL, for Defendant-Appellee.

Before ESCHBACH, EASTERBROOK, and DIANE P. WOOD, Circuit Judges.

EASTERBROOK, Circuit Judge.

Par-Inco, Inc., borrowed $1,850,000 from Standard Chartered Bank to finance an oriental rug business. The loan was secured by the firm's inventory and backed up by guarantees of its principals, Armen Minasian and Jon Ansari. When the loan came due at the end of 1991, Par-Inco did not pay. Ultimately the Bank agreed to an amortization schedule. (At the same time, Minasian Rug Corporation, Amiran Corporation, and Kayam International, Inc...

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