NORTHWESTERN NAT. INS. CO. v. BALTES

No. 93-1648.

15 F.3d 660 (1994)

NORTHWESTERN NATIONAL INSURANCE COMPANY, Plaintiff-Appellee, v. Robert T. BALTES, et al., Defendants-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided January 31, 1994.


Attorney(s) appearing for the Case

John A. Rothstein, Richard C. Ninneman (argued), Jeffrey O. Davis, Quarles & Brady, Milwaukee, WI, for plaintiff-appellee.

Robert L. Elliot (argued), Hausmann & McNally, Milwaukee, WI, Alex B. Vakula, Jon A. Titus, Titus & Brueckner, Scottsdale, AZ, David E. Lasker, Julian, Olson & Lasker, Madison, WI, for defendants-appellants.

Before FLAUM and EASTERBROOK, Circuit Judges, and SKINNER, District Judge.


EASTERBROOK, Circuit Judge.

Investors in limited partnerships often make notes promising more money later. These notes, important to the partnerships' businesses, may be essential to the tax deductions the investors hope to reap. But investors do not always keep their promises, and they become especially balky if the business (or the tax angle) goes sour. Northwestern National Insurance Company (NNIC) issued surety bonds backing up the investors' promises for approximately...

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