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Business Associations Keyed to Epstein, 5th Ed.
Joy v. North
Citation:
692 F.2d 880 (1982)Facts
In 1967, Citytrust entered into a lease agreement for office space in a building Katz Corporation planned to build in Norwalk, Connecticut. In 1971, Citytrust participated in a $4 million construction mortgage with Chase Manhattan Bank, contributing $500,000. As construction progressed, Citytrust continued extending credit to Katz through unsecured loans. By 1973, with the building only half rented, Katz’s unsecured debt to Citytrust had climbed to $1,840,000. Despite increasingly evident financial problems, Citytrust continued extending credit to Katz. By 1975, National Bank Examiners classified $2 million of the Katz loans as doubtful and required a charge-off of $665,000. In 1976, Citytrust’s Board authorized loans exceeding the 10% federal statutory limit, bringing Katz’s total indebtedness to $3,545,000. Eventually, Citytrust assumed a $6 million mortgage on the building, resulting in an estimated loss of $5.1 million. According to the Special Litigation Committee’s report, CEO Nelson North dominated bank management, exercised strong control over the Board, and had a potential conflict of interest as his son was employed by Katz from 1971 to 1976.
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