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BALCOR REAL ESTATE v. WALENTAS-PHOENIX CORP.

No. 95-2440.

73 F.3d 150 (1996)

BALCOR REAL ESTATE HOLDINGS, INC., Plaintiff-Appellee, v. WALENTAS-PHOENIX CORPORATION and David C. Walentas, Defendants-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided January 3, 1996.

Attorney(s) appearing for the Case

William E. Rattner (argued), Patrick Francis Solon, Hopkins & Sutter, Chicago, IL, for Balcor Real Estate Holdings, Inc.

Daniel P. Shapiro, David J. Chizewer, Goldberg, Kohn, Bell, Black, Rosenbloom & Moritz, Chicago, IL, Kenneth G. Schwarz, Pamela A. Phillips (argued), Fischbein, Badillo, Wagner & Itzler, New York City, for Walentas-Phoenix Corporation and David C. Walentas.

Before FLAUM, EASTERBROOK, and RIPPLE, Circuit Judges.

EASTERBROOK, Circuit Judge.

Walentas-Phoenix Corporation borrowed more than $23 million from Balcor Real Estate Holdings to buy a commercial office building in Arizona. In addition to the corporate note, Balcor took a deed of trust in the building plus a personal guarantee from David Walentas, the borrower's principal equity investor. We refer to the corporation and the person collectively as "Walentas." Walentas anticipated refinancing the loan but could not, and...

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