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BARKER v. HENDERSON, FRANKLIN, STARNES & HOLT

No. 86-1143.

797 F.2d 490 (1986)

Pearl J. BARKER, et al., Plaintiffs-Appellants, v. HENDERSON, FRANKLIN, STARNES & HOLT, and Taylor, Edenfield, Gilliam & Wiltshire, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided July 30, 1986.

Attorney(s) appearing for the Case

Robert Plotkin, Plotkin & Jacobs, Ltd., Chicago, Ill., for plaintiffs-appellants.

Gary Kostow, Clausen, Miller, Gorman, Caffrey & Witous, P.C., Chicago, Ill., for defendants-appellees.

Before CUMMINGS, Chief Judge, and EASTERBROOK and RIPPLE, Circuit Judges.

EASTERBROOK, Circuit Judge.

For several years Michigan Baptist Foundation, Inc., built and operated a retirement village in Florida. It sold lifetime leases to the apartments in Estero Woods Village (the Project). In order to finance the Project until it could receive revenue from the leases, the Foundation issued bonds secured by its interest in the land and ongoing construction. Many of the bonds were sold in small amounts...

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