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BADGER v. BOULEVARD BANCORP, INC.

No. 91-2657.

970 F.2d 410 (1992)

James G. BADGER, Jr., William C. Bartholomay, Ralph A.L. Bogan, Jr., Daniel J. Donahue, Karen B. Nelson, Vincent J. O'Conor, Jr., and Thomas A. Reynolds, Jr., Plaintiffs-Appellants, v. BOULEVARD BANCORP, INC., and Miami Corporation, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided August 12, 1992.

Attorney(s) appearing for the Case

Edward L. Foote (argued), Kurt L. Schultz, Timothy P. O'Connor, W. Gordon Dobie, Kyle L. Harvey, Winston & Strawn, Chicago, Ill., for plaintiffs-appellants.

Craig M. White, Max Wildman, Lisa S. Simmons, John E. Frey (argued), Richard H. Kleeman, Wildman, Harrold, Allen & Dixon, Chicago, Stephen C. Sandels, Kenneth A. Grady, Anne R. Pramaggiore, McDermott, Will & Emery, Chicago, Ill., for defendants-appellees.

Before BAUER, Chief Judge, CUMMINGS, Circuit Judge, and VAN SICKLE, Senior District Judge.

BRUCE M. VAN SICKLE, Senior District Judge.

Plaintiffs owned National Security Bank in Chicago. They sold their interest in that bank to Boulevard Bancorp, Inc. in September of 1989. In exchange for their interest in the bank they took 840,000 shares of Boulevard stock, which at that time had a market value of about $20 million. They quickly became dissatisfied with the performance of Boulevard and demanded a rescission of the sale. The parties began negotiations...

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