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F.D.I.C. v. VERNON REAL ESTATE INVESTMENTS, LTD.

No. 91 Civ. 5971 (GLG).

798 F.Supp. 1009 (1992)

FEDERAL DEPOSIT INSURANCE CORP. as Receiver of Citytrust, Plaintiff, v. VERNON REAL ESTATE INVESTMENTS, LTD., et al., Defendants.

United States District Court, S.D. New York.

July 24, 1992.

Attorney(s) appearing for the Case

O'Conner, Reddy & Jense, P.C. (William M. O'Conner, Bradford D. Conover, of counsel), New York City, for plaintiff.

Pollack & Greene (Michael E. Greene, Edward Land, of counsel), New York City, for defendants Vernon Real Estate Investments, Ltd. and Alan Vernon.

OPINION

GOETTEL, District Judge.

In recent years, our nation's banking system has been crumbling under the combined weight of bank failures and a depressed economy, a plight that continues to sap the federal government of much of its scarce resources and ordinary people of their financial security. In the midst of all this, courts must continually decide the fate of the latest in an endless line of failed banks...

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