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first mortgage). Ona subsequently conveyed title to the property
to Lithuanian Good Shepherd Home, Inc. (Lithuanian), an Illinois
corporation. Ona was president of Lithuanian. Lithuanian is a
corporation unrelated to Good Shepherd. Ona intended to convert
the property from a school to a nursing home serving the
Lithuanian community.
Ona was unsuccessful in obtaining a license to operate a
nursing home on the property. Nevertheless, sometime prior to
1985, three or four elderly individuals took up residence on the
property. Ona charged each a fee of $10,000, in advance, for
5 years of residency. The fee was to cover the expense of room
and board during the 5-year period.
In 1984, Kasa Lithuanian Federal Credit Union (Kasa) loaned
$250,000 to Lithuanian to be used to bring the first mortgage
current and for improvements on the property. Lithuanian's
obligation to Kasa (the first Kasa obligation) was secured by a
second mortgage against the property (the first Kasa mortgage).
Litas, Vebeliunas, and Good Shepherd
Litas Investing Co., Inc. (Litas), is a New York
corporation. In September 1985, Litas purchased the property
from Lithuanian. The property was conveyed to Litas by quitclaim
deed. The president of Litas was Vytautas Vebeliunas
(Vebeliunas).
Vebeliunas was also president of Good Shepherd during each
of the years in issue. Moreover, Vebeliunas was the founder of
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Last modified: May 25, 2011