Great Commission, Inc. v. Northeastern Communications, Inc.

Devine Broadcasting Company (hereinafter Devine) agreed to sell an Albany County radio station to defendant Northeastern Communications, Inc.1 in 1984. Apparently as part of the transaction, Devine executed a restated note dated February 1, 1985 for $576,000 in favor of the Small Business Administration (hereinafter SBA), which apparently had provided financing to Devine. In an assumption agreement also dated February 1, 1985, defendant agreed to assume this debt to SBA. Through various transfers, SBA conveyed its interest in the restated note to plaintiff. Defendant has since ceased payments…