SCAVENGER SALE INVESTORS, L.P. v. BRYANT, 01-3275
Where a $1M settlement was entered into for the original debt of $1.6M, and the settlement agreement provided that the full $1.6M would become due in event of default, the district court's refusal to enforce the $1.6M because it was a "penalty" was reversed, and defendant ordered to abide by the terms of the settlement agreement.
- Argued 04/08/2002
- Decided 04/30/2002
- Published 04/30/2002
- EASTERBROOK, Circuit Judge., Before BAUER, EASTERBROOK, and WILLIAMS, Circuit Judges.
- United States Seventh Circuit
- For Appellant:
- Timothy J. Storm (argued), Chicago, IL, for plaintiff-appellant.
- For Appellees:
- James K. Borcia (argued), Tressler, Soderstrom, Maloney & Priess, Chicago, IL, for defendant-appellee.