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SLAUGHTER v. AMERICAN CAS. CO.

Civ. No. B-C-92-23.

842 F.Supp. 371 (1993)

Bob SLAUGHTER, Preston Grace, Jr., Howard Tripp, R.E. Bell, James D. Hill, Howard House, E.J. Massey, John Freeman, Jeffery Hance and the Resolution Trust Corporation, Plaintiffs, v. AMERICAN CASUALTY COMPANY OF READING, PENNSYLVANIA, Defendant.

United States District Court, E.D. Arkansas, N.D.

March 29, 1993.

Attorney(s) appearing for the Case

John M. Belew, Batesville, AR, Richard T. Donovan, and Patricia J. Heritage, Rose Law Firm, H. William Allen, Allen Law Firm, Little Rock, AR, Carolyn A. Arthur, Resolution Trust Corp., Legal Div., Overland Park, KS, for plaintiffs.

Jim L. Julian, Chisenhall, Nestrud & Julian, P.A., Little Rock, AR, Michael P. Tone, and Anne Fiedlet, Peterson & Ross, Chicago, IL, for defendant.

MEMORANDUM OPINION AND ORDER

GEORGE HOWARD, Jr., District Judge.

The individual plaintiffs are former directors and officers of Independence Federal Bank of Batesville, Arkansas ("Independence"). On February 17, 1989, the Federal Home Loan Bank Board ("FHLBB") declared Independence insolvent pursuant to Section 5(d) of the Home Owners Loan Act of 1933, as amended ("HOLA"). Pursuant to Section 5(d)(2)(A) of HOLA, the FHLBB appointed the Federal Savings...

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