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WHIRLPOOL FINANCIAL CORP. v. SEVAUX

No. 95-3934.

96 F.3d 216 (1996)

WHIRLPOOL FINANCIAL CORPORATION, a Delaware Corporation, Plaintiff-Appellee, v. Jean SEVAUX, Defendant-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided September 10, 1996.

Attorney(s) appearing for the Case

Richard P. Glovka (argued), David M. Simon, Wildman, Harrold, Allen & Dixon, Chicago, IL, for Plaintiff-Appellee.

William P. O'Keefe, Jr., Chicago, IL, Thomas E. Engel (argued), James G. McCarney, Engel & McCarney, New York City, for Defendant-Appellant.

Before CUDAHY, RIPPLE and KANNE, Circuit Judges.

RIPPLE, Circuit Judge.

Jean Sevaux, the owner of a Venezuelan corporation with severe corporate cash flow difficulties, approached the Whirlpool Financial Corporation ("WFC"). The parties discussed a $17.5 million investment in the corporation by WFC, but nothing was decided definitively with respect to the form that the investment would take. Mr. Sevaux executed a $1 million note to secure WFC's initial $1 million investment. WFC made no further investment in Mr...

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