United States v. Jerry D. Jewell

COLLINSON, Senior District Judge.

All, Inc., a corporation, entered into a project to build a motel in Little Rock, Arkansas. Financing was secured by a loan in the principal sum of $1,042,700.00, made by Prudential Life Insurance Company and National Old Line Insurance Company of Little Rock, secured by a first mortgage on the property and furnishings. The Economic Development Administration (EDA) made a loan in the amount of $1,350,000.00 secured by a second mortgage on the same property. As additional security on this loan the government required four of the principal stockholders,…