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INTEGRATED RES. EQUITY v. FAIRBANKS BORO.

Nos. S-2936, S-3058, S-3115 and S-3144.

799 P.2d 295 (1990)

INTEGRATED RESOURCES EQUITY CORPORATION, Integrated Resources, Inc. and Gary Spring, Appellants, v. FAIRBANKS NORTH STAR BOROUGH, Appellee. Gary SPRING and Integrated Resources Equity Corporation, Appellants, v. Josefa WORTMAN, Juanita Helms, Jill Steorts and Hartford Accident and Indemnity Company, Appellees. HARTFORD ACCIDENT AND INDEMNITY COMPANY, Appellant. v. Gary SPRING and Integrated Resources Equity Corporation, Appellees. Josefa WORTMAN and Juanita Helms, Appellants, v. Gary SPRING and Integrated Resources Equity Corporation, Appellees.

Supreme Court of Alaska.

Rehearing Denied October 9, 1990.

Attorney(s) appearing for the Case

Constance Cates Ringstad and Paul A. Barrett, Call, Barrett & Burbank, Fairbanks, for appellants Integrated Resources Equity Corp., Integrated Resources, Inc. and Gary Spring.

James D. DeWitt and Colleen J. Moore, Guess & Rudd, Fairbanks, for appellees Wortman and Helms.

Daniel R. Cooper, Jr., Bradbury, Bliss & Riordan, Fairbanks, for appellee Steorts.

William M. Bankston, Bankston, McCollum & Fossey, P.C., and Peggy Alayne Roston, Anchorage, for appellee Hartford.

Before MATTHEWS, C.J., and BURKE, COMPTON and MOORE, JJ.

OPINION

MATTHEWS, Chief Justice.

FACTS COMMON TO ALL CASES

The Fairbanks North Star Borough desired to make a short-term investment of some 20.3 million dollars. The Borough issued an invitation for investment bids limiting investments to "time certificates of deposit; and bonds, notes and other obligations of the federal or state governments." Integrated Resources Equity Corporation, a stock brokerage firm, responded to the invitation by offering...

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