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MITEC PARTNERS, LLC v. U.S. BANK NAT. ASS'N

No. 09-1706.

605 F.3d 617 (2010)

MITEC PARTNERS, LLC, Plaintiff-Appellant, v. U.S. BANK NATIONAL ASSOCIATION, Defendant-Appellee.

United States Court of Appeals, Eighth Circuit.

Filed: May 24, 2010.

Attorney(s) appearing for the Case

Dennis John Mitchell, argued, Iowa City, IA, for appellant.

Jesse Linebaugh, argued, Des Moines, IA (Charles F. Webber, Minneapolis, MN, Nicole Nicolino Nayima, Des Moines, IA, Des Moines, IA, on the brief), for appellee.

Before LOKEN, Chief Judge, COLLOTON and GRUENDER, Circuit Judges.

LOKEN, Chief Judge.

A group of Mitec, Inc. (Mitec), investors formed Mitec Partners, LLC (Mitec Partners), to purchase from U.S. Bank National Association (U.S. Bank) secured loans to Mitec that were in default. Their secret plan was to purchase Mitec's assets in foreclosure, wiping out Mitec's other investors. Mitec Partners purchased the loans, but the plan failed when the Small Business Administration (SBA) advised that U.S. Bank had subordinated two of its loans...

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