Legal Opinion
Mitec Partners, LLC v. U.S. Bank National Ass'n
Court of Appeals for the Eighth Circuit
Decided May 24, 2010No. 09-1706PublishedCited by 7 opinions
1Opinion of the Court
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 to SBA’s secured loan to Mitec. Mitec Partners then sued U.S. Bank in Iowa state court alleging, inter alia, fraud and negligent…
2Cases cited18 opinions
- Michael Woods v. Daimlerchrysler CorporationCourt of Appeals for the Eighth Circuit · 2005
- Gregory v. Dillard's, Inc.Court of Appeals for the Eighth Circuit · 2009
- Drobnak v. Andersen Corp.Court of Appeals for the Eighth Circuit · 2009
- Schaller Telephone Company v. Golden Sky Systems, Inc.Court of Appeals for the Eighth Circuit · 2002
- Smidt v. PorterSupreme Court of Iowa · 2005
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3Cited by7 opinions
- Streambend Properties II, LLC v. Ivy Tower Minneapolis, LLCCourt of Appeals for the Eighth Circuit · 2015
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- Hawaiian Airlines, Inc. v. AAR Aircraft Services, Inc.District Court, S.D. Florida · 2016
- B&L Farms Partnership v. Monsanto CompanyDistrict Court, E.D. Missouri · 2022
- D.O. v. Ozark Horizon State SchoolDistrict Court, W.D. Missouri · 2023
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