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(Packerland), of Green Bay, Wisconsin, agreed to buy most of the
assets of Stanko Packing for $3,900,000.
Packerland gave Stanko Packing a $3 million promissory note
dated July 16, 1984 (the Packerland note). The note required
Packerland to pay to Stanko Packing $3 million plus interest at
11-1/2 percent per annum, as follows: $345,000 of interest on
July 16, 1985; and thereafter, principal and interest in equal
monthly installments of $78,270. The unpaid principal and
interest were due on July 16, 1989. The note was secured by a
deed of trust and by the land, improvements, and personal
property which Packerland bought from Stanko Packing.
Stanko Packing filed a Statement of Intent to Dissolve with
the State of Nebraska on July 23, 1984.
5. Stanko's Criminal Convictions
On September 14, 1984, Stanko was convicted on seven of the
counts of violating the Federal Meat Inspection Act for which he
had been indicted in April. United States v. Cattle King Packing
Co., No. 84-CR-094 (D. Colo. 1984). On October 11, 1984, Stanko
was sentenced to 6 years in prison and fined $70,000 for these
violations. The U.S. Court of Appeals for the Tenth Circuit
affirmed Stanko's conviction. United States v. Cattle King
Packing Co., 793 F.2d 232 (10th Cir. 1986).
6. Petitioner’s Involvement With Stanko Packing
By August 1984, petitioner knew that Stanko Packing had sold
most (but not all) of its assets to Packerland. From August 1984
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