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EMPLOYEES' RETIREMENT SYSTEM OF ALABAMA v. RTC

No. 92 Civ. 8435 (PNL).

840 F.Supp. 972 (1993)

The EMPLOYEES' RETIREMENT SYSTEM OF ALABAMA, et al., Plaintiffs, and IBJ Schroder Bank & Trust Company, as Trustee, Plaintiff-Intervenor, v. The RESOLUTION TRUST CORPORATION, as Conservator for Franklin Federal Savings Association, Defendant.

United States District Court, S.D. New York.

December 22, 1993.

Attorney(s) appearing for the Case

Gibson, Dunn & Crutcher, New York City (Mitchell A. Karlan, Robert F. Serio, Colleen D. Duffy, W. James Hall, of counsel), for plaintiffs.

Sullivan & Cromwell, New York City (Michael A. Cooper, Theodore Edelman, Diane D'Arcangelo, of counsel), for plaintiff-intervenor.

Hopkins & Sutter, Chicago, IL (Glen H. Kanwit, David B. Goroff, John P. Ratnaswamy, of counsel), Dewey, Ballantine, New York City (Jonathan W. Miller, Robin D. Adelstein, Jennifer Jones, of counsel), for Resolution Trust Corp. as Conservator for Franklin Federal Sav. Ass'n.

OPINION AND ORDER

LEVAL, District Judge.

Findings of Fact and Conclusions of Law

This case presents a number of important questions of first impression under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). The Resolution Trust Corporation ("RTC") took over Franklin Savings Association ("Franklin"). Exercising its powers under FIRREA, the RTC acted to repudiate three series of secured zero coupon bonds issued by...

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