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MORTELL v. MORTELL CO.

No. 89-1190.

887 F.2d 1322 (1989)

Donald E. MORTELL, et al., Plaintiffs-Appellants, v. MORTELL COMPANY, et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided October 26, 1989.

Attorney(s) appearing for the Case

Gill M. Garman, Sebat, Swanson, Banks, Garman & Townsley, Danville, Ill., Scott Swaim, Swaim & Swaim, Kankakee, Ill., for plaintiff-appellant Donald E. Mortell.

Stephen R. Swofford, Nancy G. Lischer, D. Kendall Griffith, Thomas S. Malciauskas, Douglas M. Reimer, Hinshaw, Culbertson, Moelmann, Hoban & Fuller, Chicago, Ill., for defendants-appellees Mortell Co., James W. Mortell and Ramon J. Mortell.

Thomas J. McCarthy, Donald R. Harris, Jenner & Block, Michael L. McCluggage, Brian Rocca, Wildman, Harrold, Allen & Dixon, Chicago, Ill., Everett Laury, Danville, Ill., for defendant-appellee Addis E. Hull.

Before COFFEY and EASTERBROOK, Circuit Judges, and ESCHBACH, Senior Circuit Judge.

EASTERBROOK, Circuit Judge.

The brothers Mortell (Donald, James, and Ramon) were equal owners of Mortell Company. Until 1981 Donald was the President and Chief Executive Officer, James was Chairman of the Board, and Ramon was Chief Operating Officer. Mortell Company has been profitable, and its wealth has severed familial bonds.

I

In 1981 Donald fell behind in paying off a loan, which he had secured by a pledge of some Mortell Company stock. The...

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