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CITIBANK, N.A. v. PARK-KENILWORTH INDUSTRIES, INC.

No. 89 C 5280.

109 B.R. 321 (1989)

CITIBANK, N.A., Plaintiff, v. PARK-KENILWORTH INDUSTRIES, INC. and Philip F. Ignarski, Defendants.

United States District Court, N.D. Illinois, E.D.

November 14, 1989.

Attorney(s) appearing for the Case

Gus A. Paloian, Seyfarth, Shaw, Fairweather & Geraldson, Chicago, Ill., for Thomas E. Raleigh.

Ronald DeKoven, Jonathan Greenblatt, Shearman & Sterling, for Citibank, N.A. and also by James A. Cherney, Latham & Watkins, Chicago, Ill.

Thomas D. Rosenwein, Chicago, Ill., for Park-Kenilworth Industries, Inc.

MEMORANDUM OPINION AND ORDER

MAROVICH, District Judge.

Plaintiff Citibank, N.A. ("Citibank") brought this diversity action against Park-Kenilworth Industries, Inc. ("PKI") and its former secretary, Philip F. Ignarski. Citibank seeks to recover $50 million worth of Park-Kenilworth stock which was pledged to Citibank as security for a loan but which had previously been pledged to Beverly Bank, which is not a party to this action. In the alternative, Citibank...

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