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1488, INC. v. PHILSEC INV. CORP.

No. 90-2370.

939 F.2d 1281 (1991)

1488, INC. and/or Drago Daic, Plaintiffs-Counter Defendants-Appellees-Cross-Appellants, v. PHILSEC INVESTMENT CORP., Ayala International Finance, Ltd., and Athona Holdings, N.V., Defendants-Counter Plaintiffs-Appellants-Cross-Appellees, v. Edgardo V. GUEVARA, et al., Counter Defendants-Appellees-Cross-Appellants, Ventura O. Ducat, Counter Defendant-Appellee-Cross-Appellant, and William H. Craig, Counter Defendant-Appellee-Cross-Appellant.

United States Court of Appeals, Fifth Circuit.

September 3, 1991.

Attorney(s) appearing for the Case

Bruce H. Jackson, Baker & McKenzie, San Francisco, Cal., Michael M. Wilson, Miller, Keeton, Bristow & Brown, Houston, Tex., for Philsec, Ayala & Athona.

John W. Berkel, Houston, Tex., for 1488 and/or Drago.

David A. Wills, Houston, Tex., for Ducat.

Before THORNBERRY, JOLLY and WIENER, Circuit Judges.

THORNBERRY, Circuit Judge:

The plaintiff, 1488, Inc., is a Houston based corporation, which participated in an exchange of assets with the defendants, Philsec Investment Corporation, Ayala International Finance, Ltd. and Athona Holding, N.V. in early 1983. The transaction called for 1488 to give the defendants a portion of land in exchange for a portfolio of stocks and a promissory note for approximately $300,000. The agreement also called for the defendants to cancel...

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