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B.E.L.T., INC. v. WACHOVIA CORP.

No. 04-1812.

403 F.3d 474 (2005)

B.E.L.T., INC., et al., Plaintiffs-Appellants, v. WACHOVIA CORPORATION, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided April 5, 2005.

Attorney(s) appearing for the Case

Michael J. O'Rourke, Limo T. Cherian (argued), O'Rourke, McCloskey & Moody, Chicago, IL, for Plaintiffs-Appellants.

Konstantinos Armiros, John F. Grady (argued), Arnstein & Lehr, Chicago, IL, for Defendant-Appellee.

Before FLAUM, Chief Judge, and EASTERBROOK and SYKES, Circuit Judges.

EASTERBROOK, Circuit Judge.

Lacrad International Corporation borrowed widely during its existence between 1984 and 2002. Lacrad, which among other activities sold religious products on digital media, did not practice what it preached; Rodney T.E. Dixon, its former CEO, pleaded guilty last fall to fraud and money laundering. CoreStates Bank had given Lacrad a line of credit in 1997 and also provided Dixon and other managers with credit cards, which they used profligately...

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