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NEWELL v. OXFORD MANAGEMENT, INC.

No. 90-3017. Summary Calendar.

912 F.2d 793 (1990)

Glenn NEWELL, et al., Plaintiffs, v. OXFORD MANAGEMENT, INC., Defendant, Julius L. LEVY, Jr. & Glenn Newell, Plaintiffs-Cross Defendants-Appellants, v. FSLIC as Receiver for Northlake Federal Savings & Loan Association, Intervenor-Cross-Claimant-Appellee. FSLIC, Receiver a/k/a Northlake Federal Savings & Loan Association, Plaintiff-Appellee, v. Raymond F. KIDD, Jr., Defendant, William C. Terral, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

September 21, 1990.

Attorney(s) appearing for the Case

Louis R. Koerner, Jr., New Orleans, La., for appellants.

Robert P. Roberts, New Orleans, La., for appellees.

Before KING, GARWOOD, and DUHÉ, Circuit Judges.

DUHÉ, Circuit Judge.

The record discloses the following undisputed facts necessary to resolve this matter:

Northlake Federal Savings & Loan Association ("Northlake") agreed to lend L & B Jackson's Landing, a Louisiana partnership in Commendam, ("Partnership") $2,528,000 to acquire and operate an apartment complex. Partnership was formed by the sale of limited partnership interests for a minimum of $60...

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