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IN RE FRANKLIN NAT. BANK, ETC.

Bankruptcy No. 76 C 946.

2 B.R. 687 (1979)

In re FRANKLIN NATIONAL BANK SECURITIES LITIGATION. Sol Neil CORBIN, as Trustee in Bankruptcy of Franklin New York Corporation, Plaintiff, v. FRANKLIN NATIONAL BANK and Federal Deposit Insurance Corporation, as Receiver of Franklin National Bank, Defendants.

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

December 6, 1979.

Attorney(s) appearing for the Case

Barrett, Smith, Schapiro, Simon & Armstrong, New York City, for plaintiff; Michael O. Finkelstein, William O. Purcell, Robert C. Macek, Joel M. Gross, New York City, of counsel.

Casey, Lane & Mittendorf, New York City, for defendant FDIC; William E. Kelly, Christopher P. Belmonte, New York City, of counsel.

Memorandum of Decision

PLATT, District Judge.

In his amended complaint in this action plaintiff seeks, in seven separately stated claims, to set aside the conversion of, and to recover a Subordinated Capital Note in the amount of $30 million (the "Note") which Franklin New York Corporation ("FNYC") exchanged for additional shares of Franklin National Bank ("FNB") common stock in the Spring of 1974 (the "Note conversion" or "conversion"). As indicated...

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