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J.F. McKINNEY & ASSOC. v. GENERAL ELECTRIC INV.

No. 98-3914.

183 F.3d 619 (1999)

J.F. McKINNEY & ASSOCIATES, LTD., Plaintiff-Appellant, v. GENERAL ELECTRIC INVESTMENT CORPORATION, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided June 30, 1999.

Attorney(s) appearing for the Case

Michael T. Trucco (argued), Ungaretti & Harris, Chicago, IL, Charles C. Bletsas, Stamos & Trucco, Chicago, IL, for Plaintiff-Appellant.

Terry M. Grimm, Bruce R. Braun, Bradley C. Graveline (argued ), Winston & Strawn, Chicago, IL, for Defendant-Appellee.

Before POSNER, Chief Judge, and EASTERBROOK and EVANS, Circuit Judges.

EASTERBROOK, Circuit Judge.

For $50,000, Prudential Insurance Company sold John McKinney a 70-day option to purchase a long-term note secured by a mortgage of 200 South Wacker Drive, a large building in Chicago. The exercise price was 103% of the principal balance of the loan, estimated to be about $47,200,000 by the end of the option period. The exercise price reflected that interest rates had fallen since Prudential made the loan. To earn the same cash flow as the...

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