SIST loses foreclosure appeal

A Shawano-based organization has lost an appeal regarding the foreclosure on a racetrack and amusement park it owned.

Southwest Guaranty, Ltd., sued the Samanta Roy Institute of Science & Technology and another company, U.S. Acquisitions & Oil, seeking foreclosure on the property after it says a promissory note and mortgage were not repaid. It won the circuit court case, prompting an appeal by SIST and USAO.

In the decision released Tuesday, the appeals court rejects multiple arguments by SIST and USAO.

"On appeal, USAO and SIST raise numerous challenges to the circuit court's judgment. We reject their arguments and affirm... We conclude USAO and SIST forfeited their right to challenge the dismissal of their counterclaims and third-party claims on appeal," the court wrote.

• Click here to read the full decision