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KESSLER v. NATIONAL ENTERPRISES, INC.

No. 98-1347.

165 F.3d 596 (1999)

Donald D. KESSLER, Mary L. Kessler, William L. Martin, Anita M. Martin, James W. Wallace, Doris F. Wallace, Carroll W. Brockwell, Cathryn Brockwell, on their own behalf and on behalf of all others similarly situated, Plaintiffs-Appellants, v. NATIONAL ENTERPRISES, INC.; Arkansas No. 1, LCC, Defendants-Appellees.

United States Court of Appeals, Eighth Circuit.

Decided January 5, 1999.

Rehearing and Rehearing Denied February 9, 1999.

Attorney(s) appearing for the Case

Jay Bequette, Little Rock, AR, argued (Don M. Schnipper, on the brief), for appellant.

A.J. Kelly, Little Rock, AR, argued (Joel Taylor, on the brief), for appellee.

Before BOWMAN, Chief Judge, LOKEN and KELLY, Circuit Judges.

Rehearing and Rehearing En Banc Denied February 9, 1999.

LOKEN, Circuit Judge.

In the mid-1980s, developer Hansen, Hooper & Hayes, Inc. ("the Developer"), sold time-share interests in resort condominiums in Hot Springs, Arkansas. The Developer financed the development with a loan from Independence Federal Bank ("the Bank"), secured by a first mortgage on the Developer's interest in the condominium properties. The Bank was later taken over in receivership...

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