I conclude that defendants' actions and programs are clear violations of the ECOA and injunctive relief is warranted. The following constitutes the court's findings of fact and conclusions of law pursuant to Fed. R. Civ. P. 52(a).
FINDINGS OF FACT
1. American Future Systems, Inc. (hereinafter "AFS") is a corporation organized under the laws of the Commonwealth of Pennsylvania with its principal office located at 715 Lancaster Avenue, Bryn Mawr, PA. AFS was incorporated on March 28, 1973.
2. AFS is engaged in the business of selling china, cookware, crystal and tableware and of extending credit to persons who purchase AFS' wares.
3. For each year since its incorporation AFS cash sales have constituted less than 5% of the corporation's sales; the remaining sales are made on credit.
4. AFS is a creditor subject to the provisions of the ECOA.
5. AFS does business in the Eastern District of Pennsylvania.
6. Edward M. Satell is the President, chief executive officer, and principal shareholder of AFS and has held those positions since the incorporation of AFS in 1973.
7. Between 1959 and the incorporation of AFS in 1973, Edward M. Satell was the President of American Foresight Company, a company similar in nature to AFS that was established by Mr. Satell in 1959.
8. Edward Satell resides in the Eastern District of Pennsylvania.
9. Edward Satell is a creditor subject to the provisions of the Equal Credit Opportunity Act, 15 U.S.C. § 1691-1691f.
10. James Brown has been the Vice-President of AFS since its incorporation.
11. Marty Zeises has held the title of either Regional Manager or Regional Vice-President since the incorporation of AFS; both positions have involved substantially the same responsibilities.
12. There are 1,442,222 shares of AFS stock issued and outstanding owned by the following:
Edward Satell 960,000 shares
James Brown 20,000 shares
Mary Zeises 10,000 shares
AFS Treasury Stock 452,222 shares
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