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FLAGS I, INC. v. BOSTON FIVE CENTS SAV. BANK

Civ. No. 90-340-B.

831 F.Supp. 928 (1993)

FLAGS I, INC., et al. v. THE BOSTON FIVE CENTS SAVINGS BANK, et al.

United States District Court, D. New Hampshire.

September 30, 1993.

Attorney(s) appearing for the Case

Jamie Hage, Manchester, NH, Robert Ketchand, Houston, TX, Bruce Topman, Donald Elliott, New York City, for plaintiffs.

James Muirhead, Thomas Richards, Manchester, NH, for defendants.

ORDER

BARBADORO, District Judge.

This case concerns a failed effort by a lender and its borrowers to restructure their debt and equity interests in two related real estate development projects. Financial problems with both projects prompted the parties to enter into complex negotiations that resulted in the lender's agreement to advance additional funds to several of the plaintiffs in exchange for plaintiffs' agreement to surrender ownership and control...

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