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UMIC GOVERNMENT SECURITIES v. PIONEER MORTG. CO.

No. 81-5456.

707 F.2d 251 (1983)

UMIC GOVERNMENT SECURITIES, INC., Plaintiff-Appellant, v. PIONEER MORTGAGE COMPANY, Defendant-Appellee.

United States Court of Appeals, Sixth Circuit.

Decided May 16, 1983.

Rehearing Denied July 25, 1983.

Attorney(s) appearing for the Case

David C. Wade (argued), Martin, Tate, Morrow & Marston, Shepherd D. Tate, Memphis, Tenn., for plaintiff-appellant.

W. Frank Crawford, Michael G. McLaren (argued), Thomason, Crawford & Hendrix, Memphis, Tenn., Irwin H. Liptz, Kivitz & Liptz, Washington, D.C., for defendant-appellee.

Before CONTIE and KRUPANSKY, Circuit Judges, and BALLANTINE, District Judge.

BALLANTINE, District Judge.

In this diversity action, UMIC Government Securities, Inc. appeals a judgment of the District Court for the Western District of Tennessee which, after a bench trial, denied UMIC's claims for damages and granted judgment on the counterclaim of Pioneer Mortgage Company.

The transactions which gave rise to the suit by UMIC involve contracts for the purchase and sale of Government National Mortgage Association certificates (GNMAs)....

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