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ISRAEL AIRCRAFT INDUSTRIES v. SANWA BUSINESS CREDIT

No. 93-1949.

16 F.3d 198 (1994)

ISRAEL AIRCRAFT INDUSTRIES LTD., Plaintiff-Appellant, v. SANWA BUSINESS CREDIT CORPORATION and the Sanwa Bank, Limited, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided February 8, 1994.

Attorney(s) appearing for the Case

Gregory A. Adamski, Adamski & Conti, Chicago, IL, Stephen Wagner, Madeleine M. Plasencia, and Andrew P. Brozman (argued), Zellermayer, Gratch & Jacobs, New York City, for plaintiff-appellant.

Lowell E. Sachnoff (argued), Arnold A. Pagniucci, and Christine Bodewes, Sachnoff & Weaver, Chicago, IL, for defendants-appellees.

Dale M. Cohen, Donald P. Horwitz, Sonnenschein, Nath & Rosenthal; Steven M. Freeman, Michael A. Sandberg, Ruth L. Lansner, Anti-Defamation League, Chicago, IL, and Nathan Lewin, Miller, Cassidy, Larroca & Lewin, Washington, DC, for amici curiae.

Before WOOD, Jr., EASTERBROOK, and RIPPLE, Circuit Judges.

EASTERBROOK, Circuit Judge.

Sanwa Business Credit Corporation, the principal lender to Fairchild Aircraft Corporation, is the American subsidiary of a Japanese bank. After Fairchild entered bankruptcy, Israel Aircraft Industries, Ltd. (an Israeli corporation) and Quadrant Management, Inc., formed a joint venture to acquire Fairchild. They were unwilling to pay off Fairchild's debts at face value and asked Sanwa to accept the joint venture in lieu of Fairchild as the...

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