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PLACID INVESTMENTS, LTD. v. GIRARD TRUST BANK

No. 85-1449.

789 F.2d 1191 (1986)

PLACID INVESTMENTS, LTD., Plaintiff-Appellant, v. GIRARD TRUST BANK, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

Rehearing Denied July 1, 1986.

Attorney(s) appearing for the Case

Roger Goldburg, Shank, Irwin & Conant, Hilary A. Molay, Norlynn Blocker, Brett A. Ringle, John J. Marek, Dallas, Tex., for plaintiff-appellant.

Raymond W. Midgett, Jr., Sharon Klein Buck, Dechert, Price & Rhoads, Philadelphia, Pa., Strasburger & Price, Ernest R. Higginbotham, John H. McDowell, Dallas, Tex., for defendant-appellee.

Before GEE, RUBIN, and GARZA, Circuit Judges.

ALVIN B. RUBIN, Circuit Judge:

A bank purchased United States silver coins for their face value of $710,000 at a time when their market value as silver bullion exceeded $7,000,000. The bank simultaneously granted the seller a one year option to repurchase the coins at face value. The coin seller then sold the option to repurchase the coins for approximately $7,000,000, to a partnership that intended to exercise it to acquire the coins. As the trial court found, however...

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