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FEDERAL S. & L. INS. CORP. v. PSL RLTY. CO.

No. A-Civ-76-79.

482 F.Supp. 77 (1979)

FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION, an agency of the United States of America, Plaintiff, v. PSL REALTY CO., a corporation, et al., Defendants.

United States District Court, S. D. Illinois, Alton Division.

October 2, 1979.

Attorney(s) appearing for the Case

Robert W. Patterson, William J. McKenna, Hopkins, Sutter, Mulroy, David & Cromartie, Chicago, Ill., Robert S. Cohen, Griffin, Winning, Lindner, Newkirk, Cohen & Bodewes, Springfield, Ill., for plaintiff.

W. Stanley Walch, Robert H. Brownlee, Mary K. Bennett, Thompson & Mitchell, St. Louis, Mo., James H. Bandy, Listeman, Bandy & Hamilton, Belleville, Ill., for PSL Realty Co.

Rex Carr, Cohn, Carr, Korein, Kunin, Schlichter & Brennan, East St. Louis, Ill., for Granite Investment Co. and James C. Green.

Bernard A. Reinert and Francis L. Kenney, III, Kenney, Leritz & Reinert, St. Louis, Mo., for Capitol Indemnity Corp.

Philip R. Newmark, St. Louis, Mo., for Howard Steel Construction Co.

A. L. Zimmer, Asst. Atty. Gen., Springfield, Ill. for Justices of the Illinois Appellate Court for the Fifth District and Judges of Courts of Third Judicial Circuit of Illinois.

MEMORANDUM ORDER AND INJUNCTION

ACKERMAN, District Judge.

I. Factual Background

This is a mortgage foreclosure action relating to several apartment complexes located in Madison, Clinton, St. Clair and Sangamon Counties of Illinois. A brief factual analysis is necessary to fully appreciate the delicate issues which now confront this Court.

As relevant here, all parties agree the properties here involved experienced grave financial difficulties...

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