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BEZANSON v. FLEET BANK-NH

No. 93-2040.

29 F.3d 16 (1994)

Dennis G. BEZANSON, Trustee of the Estate of Unitex, Inc., Plaintiff, Appellant, v. FLEET BANK-NH, Defendant, Appellee.

United States Court of Appeals, First Circuit.

Decided July 14, 1994.

Attorney(s) appearing for the Case

Graydon G. Stevens with whom Kelly, Remmel & Zimmerman, Portland, ME, was on brief for appellant.

Francis L. Cramer with whom Valerie A. Walsh and Sullivan & Gregg, P.A., Nashua, NH, were on brief for appellee.

Before TORRUELLA, CYR and BOUDIN, Circuit Judges.

BOUDIN, Circuit Judge.

Unitex, Inc., a New Hampshire Corporation, made graphics equipment purchased by newspaper and magazine publishers. In March 1985, Unitex defaulted on a $3 million bank loan owed to Indian Head National Bank ("the bank").1 The loan was secured by all of Unitex' assets and on March 8, 1985, Indian Head took possession of Unitex' entire operation. The bank's object was to sell Unitex as an ongoing business, but for...

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