UNITED STATES v. VAHLCO CORP.

No. 82-1511.

720 F.2d 885 (1983)

UNITED STATES of America, Plaintiff-Appellee, v. VAHLCO CORPORATION, et al., A Texas Corporation, Defendants, Magnum Machine and Tool Corporation, a Texas Corporation, and Vahlco Corporation, a Texas Corporation, Defendants-Appellants.

United States Court of Appeals, Fifth Circuit.

December 9, 1983.


Attorney(s) appearing for the Case

Van Kleef & Robbins, William R. Wepfer, Harlingen, Tex., for Vahlco Corp., etc.

Nicholas V. Hile, Brownsville, Tex., for Magnum, et al.

J. Christopher Kohn, James J. Brown, Deputy Chief, Enforcement Unit, Civ. Div., Linwood C. Wright, Jr., Dept. of Justice, Washington, D.C., for plaintiff-appellee.

Before GEE, GOLDBERG and TATE, Circuit Judges.


GEE, Circuit Judge:

In 1973, appellant Vahlco Corp. (Vahlco) opened a line of credit with the First National Bank of Seguin (the Bank) in the amount of $350,000. This loan was 90% guaranteed by the Small Business Administration (SBA) pursuant to the Small Business Act, 15 U.S.C. § 631 et seq. As is customary in such transactions, the extension of the major line of credit was preceded by a small "start-up" loan (here, $10,000) secured by assets of much...

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