Richard Kinzel v. Bank of America

OPINION

BOGGS, Circuit Judge.

The ticker symbol for Cedar Fair Entertainment Company — operator of Cedar Point and other amusement parks — is, fittingly, “FUN,” and it thus reveals littlé about, the nature of the collateral-liquidation dispute presently before us.

In April 2008, Richard Kinzel, then CEO of Cedar Fair, borrowed nearly $8,000,000 from Merrill Lynch to finance his exercise of FUN stock options and to pay the estimated income and payroll taxes that would be due immediately upon exercise. To secure the loan, Kinzel pledged as collateral various assets, including the shares of FUN…