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SECON SERVICE SYSTEM v. ST. JOSEPH BANK AND TRUST

No. 87-2561.

855 F.2d 406 (1988)

SECON SERVICE SYSTEM, INC., a/k/a Yale Transport Corporation, Plaintiff-Appellant, v. ST. JOSEPH BANK AND TRUST COMPANY and Jay Chodock, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided August 18, 1988.

Attorney(s) appearing for the Case

Arthur M. Wisehart, Wisehart & Koch, New York City, for plaintiff-appellant.

Calvin H. Cobb, Jr., Steptoe & Johnson, Washington, D.C., for defendants-appellees.

Before CUMMINGS, COFFEY and EASTERBROOK, Circuit Judges.

EASTERBROOK, Circuit Judge.

St. Joseph Bank & Trust Co. (the Bank) advanced $2.15 million in 1976 to enable St. Abbs, Inc., a holding company, to buy out Indiana Refrigerator Lines, Inc., a trucking company incorporated in Indiana. By 1978 Indiana Refrigerator Lines was in difficulty, with substantial debt outstanding to the Bank, and late in 1979 St. Abbs and the Bank began searching for a buyer. They found F. Ralph Nogg, an expert in trucking industry bailouts...

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