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NATIONAL TAX CREDIT PARTNERS, L.P. v. HAVLIK

Nos. 93-1297, 93-1817, 93-2727 and 93-2987.

20 F.3d 705 (1994)

NATIONAL TAX CREDIT PARTNERS, L.P., and National Tax Credit, Inc., Plaintiffs-Appellees, v. Edward F. HAVLIK, Virgil W. Owings, and United Development Management Company, Defendants-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided March 28, 1994.

Attorney(s) appearing for the Case

Stephen Novack, Donald A. Tarkington (argued), and James E. Bayles, Novack & Macey, Chicago, IL, for plaintiffs-appellees.

Dan Mathless (argued), John C. Raith, Law Offices of Daniel S. Mathless; Stephen J. Spitz, Mitchell H. Macknin, David J. Seery, Sperling, Slater & Spitz; and Scott N. Schreiber, Much, Shelist, Freed, Denenberg & Ament, Chicago, IL, for defendants-appellants.

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

EASTERBROOK, Circuit Judge.

In order to induce two investors to put up money, the general partners of Victorian Park Associates, a limited partnership formed to build and operate an apartment complex, promised to defray any shortfall in Victorian Park's operating accounts. "[F]rom the date hereof until Rental Achievement, [the general partners] will pay all expenses of operating and maintaining the Apartment Complex to the extent necessary to maintain Break-Even Level...

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