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HERITAGE BANK & TRUST CO. v. ABDNOR

No. 89-1990.

906 F.2d 292 (1990)

HERITAGE BANK & TRUST COMPANY, Plaintiff-Appellant, v. James ABDNOR, Administrator, United States Small Business Administration, Lewis F. Matuszewich and Lewis F. Matuszewich, P.C., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided July 3, 1990.

Attorney(s) appearing for the Case

Barry Sullivan, Joel S. Corwin, Norman Rifkind, Jenner & Block, Peter V. Baugher, Adams, Fox, Adelstein, Rosen & Bell, Chicago, Ill., for Heritage Bank & Trust Co.

Linda A. Wawzenski, Asst. U.S. Atty., Chicago, Ill., for James Abdnor.

D. Kendall Griffith, Ellen L. Zopff, Hinshaw, Culbertson, Moelmann, Hoban & Fuller, Chicago, Ill., for Lewis F. Matuszewich and Lewis F. Matuszewich, P.C.

Before CUMMINGS, CUDAHY and MANION, Circuit Judges.

CUDAHY, Circuit Judge.

Heritage Bank & Trust ("Heritage") made a loan to Kautzmann Steel, Inc. that enabled Kautzmann Steel to purchase most of the assets of Beverly Steel, Inc. The Small Business Administration (the "SBA") guaranteed 90% of the loan. When Kautzmann Steel defaulted on the loan, Heritage asked the SBA to assume its portion of the debt. The SBA refused, explaining that the undisclosed status of William Parker, Beverly Steel's principal shareholder...

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