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ACKERMAN v. F.D.I.C.

No. 90-2529.

973 F.2d 1221 (1992)

GENE L. ACKERMAN, et al., Plaintiffs, EMIL J. AMBERBOY, et al., Plaintiffs-Appellants, v. FEDERAL DEPOSIT INSURANCE CORP., et al., Defendants, Societe De Banque Privee, f/k/a Saudi European Bank, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

Rehearing and Rehearing Denied November 9, 1992.

Attorney(s) appearing for the Case

Edward K. White, III, The Woodlands, Tex., for plaintiffs-appellants.

Stephen B. Schulte, Porter & Clements, Houston, Tex., for defendant-appellee.

Before RONEY and DUHÉ, Circuit Judges.

Rehearing and Rehearing En Banc Denied November 9, 1992.

DUHÉ, Circuit Judge.

I.

Appellants purchased limited partnership participation interests in an oil and gas investment program formed by Vanguard Group International, Inc. (VGI) in 1983. In consideration for their interests, each Appellant made a cash downpayment and executed a promissory note for the balance of the investment payable to the limited partnership or to the lender, who was...

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