Court of Appeals for the Seventh Circuit March 28, 1997, 96-2445 (Armen S. Minasian and Jon Ansari v. Standard Chartered Bank, Plc)

EASTERBROOK, Circuit Judge.

Par-Inco, Inc., borrowed $1,850,000 from Standard Chartered Bank to finance an oriental rug business. The loan was secured by the firm’s inventory and backed up by guarantees of its principals, Armen Minasian and Jon Ansari. When the loan came due at the end of 1991, Par-Inco did not pay. Ultimately the Bank agreed to an amortization schedule.