Business Services Industry
October trial set in lender-liability suit. (Comerica Bank vs. David Provost)
Crain's Detroit Business, June, 1996 by Roush, Matt
Comerica Bank and David Provost, a former Manufacturers Bank staffer who's now president of the Bank of Bloomfield Hills, face an Oct. 17 trial date in a lender-liability suit filed by the bankruptcy trustee of a Novi cement contractor. Paul Borock, trustee for Sardo Corp., charges in the suit that Comerica and Provost induced Sardo's owners to boost their line of credit from $50,000 to $1 million, then yanked the loan even though Sardo had a positive cash flow.
That action forced Sardo into Chapter 11 bankruptcy - and, eventually, liquidation, the suit says. The lawsuit originally was filed in 1993 and charged Comerica, Provost and Comerica officer Gary Courtner with breach of good faith, fraud, breach of fiduciary duty, breach of promise, negligent supervision...
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