PRESTWICK CAPITAL MANAGEMENT, LTD. v. PFG

No. 12-1232.

727 F.3d 646 (2013)

PRESTWICK CAPITAL MANAGEMENT, LTD., Prestwick Capital Management 2, Ltd., Prestwick Capital Management 3, Ltd., Plaintiffs-Appellants, v. PEREGRINE FINANCIAL GROUP, INC., Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided July 19, 2013.


Attorney(s) appearing for the Case

Philip Morgan Smith (argued), Attorney, Seyfarth Shaw, New York, N.Y., for Plaintiff-Appellant.

Nicholas P. Iavarone (argued), Attorney, Iavarone Law Firm, Harris L. Kay , Henderson & Lyman, Rebecca J. Wing , Attorney, Peregrine Financial Group, Incorporated, Chicago, IL, for Defendant-Appellee.

Before MANION and WOOD, Circuit Judges, and BARKER, District Judge.


BARKER, District Judge.

Author-cum-rabbi Chaim Potok once observed that life presents "absolutely no guarantee that things will automatically work out to our best advantage."1 Given the regulatory mandate that certain financial entities guarantee other entities' performance, and acknowledging that guarantees of all sorts can turn out to be ephemeral, we grapple here with the truth of Potok's aphorism. More specifically, the instant...

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