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MURPHY v. F.D.I.C.

Nos. 91-15511, 91-15640 and 91-15642.

12 F.3d 1485 (1993)

Patrick J. MURPHY, et al., Plaintiffs-Appellees, v. FEDERAL DEPOSIT INSURANCE CORPORATION, et al., Defendants-Appellants. Patrick J. MURPHY, an Individual; Murphy's Markets, Inc., a California Corporation; Ramsey Marketing and Management Co. ("Ramco"); aka Ramsay Marketing and Management Co., a California Corporation, Plaintiffs-Appellants, v. FEDERAL DEPOSIT INSURANCE CORPORATION, et al., Defendants-Appellees. FEDERAL DEPOSIT INSURANCE CORPORATION; First National Bank, Plaintiffs-Appellees, v. Patrick J. MURPHY, Defendant-Appellant.

United States Court of Appeals, Ninth Circuit.

Decided December 10, 1993.

Attorney(s) appearing for the Case

E. Whitney Drake, F.D.I.C., Washington, DC, Patrick J. Hogan and John D. O'Connor, Tarkington, O'Connor & O'Neill, San Francisco, CA, for F.D.I.C.

John F. Wells, Stark, Wells, Rahl, Field & Schwartz, Oakland, CA, and William C. Rust, Jr., San Francisco, CA, for Murphy.

Before: SCHROEDER, NORRIS, and BRUNETTI, Circuit Judges.

SCHROEDER, Circuit Judge:

This is a dispute between the Federal Deposit Insurance Corporation and Patrick J. Murphy, the holder of two letters of credit issued by a failed bank, The First National Bank, Chico. Mr. Murphy was an investor in the parent company of the bank, Pacific National Bancshares ("PNB"), and had also served as one of PNB's directors. The Bank issued the letters of credit as security for the obligations...

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