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PRAXIS PROPERTIES v. COLONIAL SAV. BANK

No. 90-5589.

947 F.2d 49 (1991)

PRAXIS PROPERTIES, INC.; and Praxis Properties, Inc. for the State of New Jersey v. COLONIAL SAVINGS BANK, S.L.A.; the Resolution Trust Corporation, Colonial Federal Savings Bank v. DYNAMIC INDUSTRIES COMPANY, INC.; Angelo M. Gregos; Nicholas Poulous; and Sharp Construction Company, Inc. Resolution Trust Corporation, as Receiver of Colonial Federal Savings Association, Appellant.

United States Court of Appeals, Third Circuit.

Decided October 8, 1991.

As Amended on Denial of Rehearing November 13, 1991.

Attorney(s) appearing for the Case

Harold J. Cassidy, Roger J. Foss, Gregory R. Milne, Cassidy, Foss & San Filippo, Red Bank, N.J., for appellant.

Susan Block-Lieb, Asst. Professor, Seton Hall Law School, Newark, N.J., Court-appointed Advocate for Legal Position of appellee.

Before BECKER, HUTCHINSON, Circuit Judges and ATKINS, District Judge.

Submitted Under Third Circuit Rule 12(6) April 29, 1991.

OPINION OF THE COURT

BECKER, Circuit Judge.

This appeal, set in the context of the recent crisis in the savings and loan industry, presents the important question whether and for how long a federal district court must grant a receiver of an insured depository institution a stay after its appointment, under the stay provision of the the Financial Institutions Reform, Recovery, and Enforcement...

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