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VALLEY RANCH DEV. CO. v. F.D.I.C.

Nos. 91-1361, 91-1683.

960 F.2d 550 (1992)

VALLEY RANCH DEVELOPMENT CO., LTD., et al., Plaintiffs, v. FEDERAL DEPOSIT INSURANCE CORPORATION, et al., Defendants. FEDERAL DEPOSIT INSURANCE CORPORATION, as Manager of the FSLIC Resolution Fund, in Its Capacity as Statutory Successor to FSLIC as Receiver for Sunbelt Savings Association of Texas, Defendant-Appellee, v. Richard JACKSON, Movant-Appellant. VALLEY RANCH DEVELOPMENT CO., LTD., et al., Plaintiffs-Appellants, v. FEDERAL DEPOSIT INSURANCE CORPORATION, as Manager of the FSLIC Resolution Fund, in Its Capacity as Statutory Successor to FSLIC as Receiver for Sunbelt Savings Association of Texas, et al., Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

May 14, 1992.

Attorney(s) appearing for the Case

Richard Jackson, pro se.

Paul C. Wolf, Christine Anderson, Angela J. Blair, Atty., FDIC, Dallas, Tex., for FDIC.

Richard Jackson, Tresi Moore Freemyer, Richard Jackson & Associates, Dallas, Tex., for Valley Ranch Development, et al.

John M. Skrhak, Godwin, Carlton & Maxwell, Dallas, Tex., for Jeff. Sav. & Loan.

Thomas W. Craddock, Gibson, Dunn & Crutcher, Dallas, Tex., for Coastal Banc Sav. Ass'n, Cuero Federal Sav. & Loan.

Britton D. Monts, A. Harper Estes, L. Shane Stokes, Lynch, Chappell & Alsup, Dallas, Tex., for Sunbelt Service Corp., T. Wageman, R. Michaels, et al.

D. Ronald Reneker, Bird & Reneker, Dallas, Tex., for Metropolitan Federal Bank, FSB.

Before SMITH and EMILIO M. GARZA, Circuit Judges, and KENT, District Judge.

JERRY E. SMITH, Circuit Judge:

I.

Valley Ranch Development Co., Ltd. (VRDC), obtained financing for real estate development from a number of banks. The written documents are in the form of loans; VRDC claims that it had oral agreements with the banks that the banks would act as partners rather than lenders. The various lenders eventually went into receivership and fell under the control of the Federal Deposit Insurance Corporation (FDIC). When VRDC did not...

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