March Trial Set For Maine CU On DefaultedLoan

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BANGOR, Maine - (11/10/04) A trial has been slated for March todetermine whether Katahdin Federal Credit Union should be paid $3.2million it loaned the previous owners of the former Great NorthernPaper Inc., which declared bankruptcy after taking out three loanstotaling $3.2 million from the CU. Great Northern had used severalproperties as collateral on the loans, but the board latertransferred those properties to Great Northern’s parentcompany, Inexcon Maine.

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