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  5. 934 F.2d 635 (1991)
 

PERMIAN PETROLEUM CO. v. PETROLEOS MEXICANOS

Nos. 89-5694, 90-5596.

934 F.2d 635 (1991)

PERMIAN PETROLEUM COMPANY, Plaintiff-Appellant, v. PETROLEOS MEXICANOS, a/k/a Pemex, Defendant-Appellee. PERMIAN PETROLEUM COMPANY, Plaintiff-Appellant, Dallas International Bank, Intervenor-Plaintiff-Appellee, v. PETROLEOS MEXICANOS, a/k/a Pemex, Defendant-Appellant-Appellee.

United States Court of Appeals, Fifth Circuit.

Rehearing Denied August 12, 1991.

Attorney(s) appearing for the Case

Douglas S. Johnston, Elaine L. Lawson, A. Randall Friday, Crady, Jewett & McCulley, Houston, Tex., for Petroleos Mexicanos.

Sidney Powell, Strasburger & Price, Dallas, Tex., for Permian Petroleum Co.

Kevin C. Nash, Douglas A. Cawley, Johnson & Gibbs, Dallas, Tex., for intervenor-plaintiff-appellee.

Before CLARK, Chief Judge, RONEY and DUHÉ, Circuit Judges.

CLARK, Chief Judge:

Permian Petroleum Company (Permian) brought this action against Petroleos Mexicanos (Pemex). Permian claims that Pemex refused to pay for several deliveries of liquified petroleum gas (LPG). Pemex contends that its refusal to pay was proper because a 1983 agreement entitles it to apply a credit against obligations owed to Permian. Dallas International Bank (DIB) intervened and claims that Pemex converted collateral in which DIB allegedly retains...

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