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  • utors later dropped the case.Shafer's company defaulted on loans from First Guaranty in May 2008 and was hit with judgments -- which included attorney's fees and other penalties -- totaling $2.5 million.Lending limit passedMeanwhile, regulators pointed out that First Guaranty far exceeded its legal lending limits by providing more than $26 million to finance hotel ventures managed by Kantibhai Pat
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