H.E. Simpson Lumber Co. v. Three Rivers Bank

¶1 Three Rivers Bank (Bank) and H.E. Simpson Lumber (Simpson) both had business and financial relationships with North End Timber Production, L.L.C. (NET or the mill), a now-defunct sawmill in Olney, Montana, formerly owned and operated by John and Lee Alt. Approximately five years into its operation, NET experienced serious financial difficulties and defaulted on approximately $1,400,000 in loan obligations to the Bank and at the same time owed Simpson approximately $893,500. Subsequently, proceedings were initiated in both Bankruptcy Court and the Eleventh Judicial District Court. While…