THERMAL IMAGING, INC. v. SANDGRAIN SEC.

Nos. 99CIV.11728(DC), 85977.

158 F.Supp.2d 335 (2001)

THERMAL IMAGING, INC. and Paul D. Holt d/b/a P.D.H. Ltd., Plaintiffs, v. SANDGRAIN SECURITIES, INC. and Elliot Marchant, Defendants.

United States District Court, S.D. New York.

August 15, 2001.


Attorney(s) appearing for the Case

Shayne & Greenwald Co., L.P.A., By Gary D. Greenwald, Esq., Columbus, OH, McElroy Deutsch & Mulvaney, By Joseph P. LaSala, Esq., New York, for Plaintiffs.

Lazare Potter Giacovas & Kranjac LLP, By Robert A. Giacovas, Esq., Michael T. Conway, Esq., New York, for Defendant Sandgrain Securities.

Mary Joseph Beck, Esq., Grove City, OH, for Defendant Elliot Marchant.


OPINION

CHIN, District Judge.

In 1995, plaintiff Thermal Imaging, Inc. ("Thermal") decided to seek financing for an affiliated company, Computerized Thermal Imaging, Inc. ("CTI"). After a series of negotiations, Thermal entered into a loan agreement with Keystone Financial, Inc. ("Keystone"), a commercial lender specializing in loans secured by shares of stock. Under the terms of the agreement, Keystone agreed to loan Thermal $1,400,000 and Thermal...

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