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LYONS SAV. & LOAN v. WESTSIDE BANCORPORATION

No. 86-1793.

828 F.2d 387 (1987)

LYONS SAVINGS AND LOAN ASSOCIATION, an Illinois association, Plaintiff, and Alabama Federal Savings and Loan Association, et al., Intervening Plaintiffs-Appellants, v. WESTSIDE BANCORPORATION, INC., a Delaware corporation, Westside Federal Savings and Loan Association, a Washington association, et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided June 5, 1987.

Attorney(s) appearing for the Case

David I. Herbst, Portes, Sharp, Herbst & Kravets, Chicago, Ill., for intervening plaintiff-appellants.

John L. Rogers, III, Hopkins & Sutter, Chicago, Ill., for defendants-appellees.

Before CUMMINGS and FLAUM, Circuit Judges, and ESCHBACH, Senior Circuit Judge.

CUMMINGS, Circuit Judge.

In 1983, Westside Federal Savings & Loan Association made a $35 million loan to Hanalei Development Corp. to finance the construction of condominiums in Hawaii. Westside subsequently sold participation interests in the loan to seven other savings and loan associations while retaining a twenty-percent interest in the loan. Each of the participants advanced their pro rata share of the monies due Hanalei under the loan participation agreement...

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