Scavenger Sale Investors, L.P. v. Robert Anthony Bryant
Court of Appeals for the Seventh Circuit
1Opinion of the Court
EASTERBROOK, Circuit Judge.
Scavenger Sale Investors put up $2 million for Robert “Tony” Bryant to use in buying tax certificates at Cook County’s 1997 sale. The county sells certificates to real estate encumbered by unpaid tax liens. The County gains because the back taxes are paid by the proceeds of the sale; the buyer of a certificate can make money if the owner redeems it by paying the back taxes (plus interest) to the certificate owner, or by selling the property once the redemption period has expired. Under the loan agreement, Bryant was to repay the principal and interest by December…
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