032306P.pdf   06/01/2004  Angelo Iafrate  v.  Potashnick
   U.S. Court of Appeals Case No:  03-2306
                          and No:  03-2425
   Eastern District of Arkansas   
   Civil case - Contracts. Contractor whose work was dependent on 
   defendant Potashnick's completion of its portion of the project was not a 
   third party beneficiary of the performance bond contract between the state 
   of Arkansas, Potashnick and the bond issuer; bond issuer did not have 
   any obligation to inform the state when it learned Potashnick might be in 
   financial difficulties, nor did the bond issuer have any obligation to begin 
   performance any earlier than it did; with respect to bond issuer's appeal 
   on claim that the district court erred in entering a default judgment 
   against Potashnick after it ruled in the bond issuer's favor on the merits, 
   the bond issuer may not be later held indirectly liable for the same acts 
   because of a default judgment entered against its co-defendant and so the 
   issue was not properly before the court at this time. 
   [PUBLISHED][Wollman, Author, with Chief Judge Loken and Bowman, 
   Circuit Judge]