REDONDO CONST. v. BANCO EXTERIOR DE ESPANA, S.A.

No. 93-1407.

11 F.3d 3 (1993)

REDONDO CONSTRUCTION CORPORATION, Plaintiff, Appellee, v. BANCO EXTERIOR DE ESPANA, S.A., Defendant, Appellant.

United States Court of Appeals, First Circuit.

Decided November 24, 1993.


Attorney(s) appearing for the Case

Jose A. Axtmayer, Francisco A. Besosa, Danilo M. Eboli and Goldman Antonetti Cordova & Axtmayer, Hato Rey, PR, on brief for defendant, appellant.

Antonio Moreda-Toledo, Pedro J. Diaz-Garcia and Moreda & Moreda, Hato Rey, PR, on brief for plaintiff, appellee.

Before BREYER, Chief Judge, ALDRICH, Senior Circuit Judge, and McAULIFFE, District Judge.


BAILEY ALDRICH, Senior Circuit Judge.

This is the epilogue to a charade designed by a foreign lender to avoid payment of Puerto Rico income taxes on Puerto Rico income. The script was a farce; the players did not even follow it. Its reviewers give it a bad notice.

I. Background

Plaintiff, Redondo Construction Corp., is a Puerto Rico corporation engaged in the construction business. Defendant, Banco Exterior de España, is a Spanish bank...

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