ASA Freight says bank caused bankruptcy Trucking firm sues lender, claiming actions forced company out of business

The Milwaukee Journal Sentinel | March 25, 1998| | Copyright

A trustee and former owners of ASA Freight Systems Inc., a Greenfield trucking company that filed for Chapter 7 bankruptcy last year, are claiming the company's lender ran it out of business.

State Financial Bank and its president, Philip Hudson, took several actions that forced ASA under, the firm's former owners and trustee Neil McKloskey have alleged in an adversary complaint linked to the still-pending bankruptcy case.

The Hales Corners-based bank, the complaint alleges, took excess collateral from ASA on a debt-consolidation loan, reneged on an agreement for a separate construction ...

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