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FEDERAL DEPOSIT INS. v. KEY BISCAYNE DEV. ASS'N

No. 86-5741.

858 F.2d 670 (1988)

FEDERAL DEPOSIT INSURANCE CORP., Plaintiff-Appellee, v. KEY BISCAYNE DEVELOPMENT ASSOCIATION, etc., et al., Defendants, Rodgers Construction, Inc. of Nashville, Tennessee, a Tennessee corporation, a/k/a Rodgers Construction, Inc., Defendant-Appellant.

United States Court of Appeals, Eleventh Circuit.

October 25, 1988.

Attorney(s) appearing for the Case

Michael Nachwalter, Kenny, Nachwalter & Seymour, P.A., Thomas D. Hall, Miami, Fla., for Rodgers Const.

Chaim T. Kiffel, Kirland & Ellis, Garrett B. Johnson, Chicago, Ill., for FDIC.

Before RONEY, Chief Judge, TJOFLAT, Circuit Judge, and CLEMON, District Judge.

TJOFLAT, Circuit Judge:

I.

At some time prior to April 1980, Key Biscayne Development Association (KBDA) devised a plan to purchase and develop a forty-eight acre parcel of land on Key Biscayne, Florida. The plan called for KBDA to acquire the land in subparcels over a three-year period, beginning in April 1980, and then engage a general contractor to renovate a hotel located on the property and construct several condominium buildings. To finance this venture...

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