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CITIZENS MARINE NAT. BANK v. U.S. DEPT. OF COMMERCE

Nos. 87-2705, 87-2789.

854 F.2d 223 (1988)

CITIZENS MARINE NATIONAL BANK, formerly the Citizens National Bank of Stevens Point, Plaintiff-Appellee, v. UNITED STATES DEPARTMENT OF COMMERCE, ECONOMIC DEVELOPMENT ADMINISTRATION, C. William Verity in his official capacity as Secretary of Commerce, United States of America, Remer Hutchinson, and Elaine Hutchinson, Defendants-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided August 8, 1988.

Rehearing Denied September 9, 1988.

Attorney(s) appearing for the Case

Mary K. Doyle, U.S. Dept. of Justice, Washington, D.C., Michael J. Jassak, Habush Habush & Davis, S.C., Milwaukee, Wis., for defendants-appellants.

Peter L. Gardon, Whyte & Hirschboeck, S.C., Madison, Wis., for plaintiff-appellee.

Before WOOD, Jr. and POSNER, Circuit Judges, and ESCHBACH, Senior Circuit Judge.

POSNER, Circuit Judge.

Citizens Marine National Bank, a bank in Stevens Point, Wisconsin, was owed almost $1 million by a troubled local enterprise, the Weber Tackle Company, as a result of a series of loans that Citizens had made to Weber over the years. In 1979, Mr. and Mrs. Hutchinson bought a controlling interest in Weber, and also loaned the company in excess of $200,000, most of which has never been repaid. Weber's perilous condition did not improve, and in...

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