TELEGRAPH SAV. & LOAN ASS'N v. SCHILLING

No. 85-1041.

807 F.2d 590 (1986)

TELEGRAPH SAVINGS AND LOAN ASSOCIATION, et al., Plaintiffs-Appellants, v. William J. SCHILLING, Federal Home Loan Bank Board, and Federal Savings and Loan Insurance Corporation, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided December 5, 1986.

Rehearing and Rehearing Denied February 2, 1987.


Attorney(s) appearing for the Case

Leonard M. Ring, Leonard M. Ring & Assoc., Chicago, Ill., for plaintiffs-appellant.

John L. Rogers, III, Hopkins & Sutter, Chicago, Ill., for defendants-appellees.

Before POSNER and FLAUM, Circuit Judges, and FAIRCHILD, Senior Circuit Judge.


Rehearing and Rehearing En Banc Denied February 2, 1987.

POSNER, Circuit Judge.

In 1980 the Federal Home Loan Bank Board determined that Telegraph Savings & Loan Association was insolvent and appointed the Federal Savings & Loan Insurance Corporation (FSLIC), the federal agency that insures deposits in savings and loan associations, as receiver. On the same day FSLIC entered into a "purchase and assumption...

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