Asiatic Petroleum Corporation (Asiatic) for many years sold various petroleum products to New England Petroleum Co. (NEPCO). In 1964, Edward Carey, individually, in order to induce Asiatic to extend credit to NEPCO, executed an unconditional guarantee in favor of Asiatic of all of the obligations and indebtedness of NEPCO. Asiatic and NEPCO had entered into an interim agreement on February 28, 1975 whereby NEPCO would pay "$2.05 per barrel F.O.B. Caribbean plus all [host...
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