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FEDERAL SAV. AND LOAN INS. CORP. v. QUINN

No. 89-3451.

922 F.2d 1251 (1991)

FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION and Cardinal Federal Savings Bank, Plaintiffs-Appellees, v. Robert W. QUINN and Daniel J. Gannon, Defendants-Appellants.

United States Court of Appeals, Sixth Circuit.

Decided January 7, 1991.

Attorney(s) appearing for the Case

Irene C. Walker, Beth Whitmore, Harry D. Cornett, Jr. (argued), Arter & Hadden, Cleveland, Ohio, Stephen Kessler, Trial Atty., Office of the General Counsel, Washington, D.C., for plaintiffs-appellees.

Nancy A. Shaw, Spieth, Bell, McCurdy & Newell, Cleveland, Ohio, Matthew J. Flynn (argued), John P. Fredrickson, James D. Friedman, Quarles & Brady, Milwaukee, Wis., for defendants-appellants.

Before MERRITT, Chief Judge, KRUPANSKY and MILBURN, Circuit Judges.

MERRITT, Chief Judge.

This is an action to enjoin the payment of severance benefits arising from employment contracts between plaintiff Cardinal, a failed thrift, and defendant bank officials. The case requires an interpretation of whether a regulation allowing avoidance of some employment contracts of troubled savings and loans, 12 C.F.R. § 563.39(5) (1990), permits the Federal Savings and Loan Insurance Corporation ("FSLIC")1 and...

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