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PHILADELPHIA GEAR CORP. v. FEDERAL DEPOSIT INS.

Nos. 84-1901, 84-2007.

751 F.2d 1131 (1984)

PHILADELPHIA GEAR CORPORATION, Plaintiff-Appellant Cross-Appellee, v. FEDERAL DEPOSIT INSURANCE CORPORATION, a national corporation, in its official capacity as Receiver of Penn Square Bank, N.A., and Federal Deposit Insurance Corporation, a national corporation, in its corporate capacity, Defendants-Appellees Cross-Appellants.

United States Court of Appeals, Tenth Circuit.

Rehearing Denied February 19, 1985.

Attorney(s) appearing for the Case

Gerald F. Slattery, Jr. of Gordon, Arata, McCollam, Stuart & Duplantis, New Orleans, La. (William B. Rogers and R. Steven Haught, Ames, Daugherty, Black, Ashabranner, Rogers & Fowler, Oklahoma City, Okl., of counsel), for plaintiff-appellant/cross-appellee.

Charles C. Baker of Gable & Gotwals, Tulsa, Okl. (James Vogt and Ross A. Plourde of Reynolds, Ridings & Hargis, Oklahoma City, Okl., and David L. Bryant of Gable & Gotwals, Tulsa, Okl. with him on briefs; Daniel W. Persinger, Deputy Gen. Counsel, and Lawrence F. Bates, Counsel, Federal Deposit Insurance Corporation, Washington, D.C., of counsel), for defendants-appellees/cross-appellants.

Before DOYLE, McWILLIAMS and LOGAN, Circuit Judges.

LOGAN, Circuit Judge.

This appeal is another arising out of the many suits resulting from the failure of the Penn Square Bank, N.A. in Oklahoma City, Oklahoma, in 1982. In this case, plaintiff Philadelphia Gear Corporation seeks to enforce, as beneficiary, a standby letter of credit issued by Penn Square before its insolvency. The parties dispute the amount covered by the document. Philadelphia Gear seeks judgment against the Federal Deposit Insurance Corporation...

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