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F.D.I.C. v. LEE

No. 92-1758.

988 F.2d 838 (1993)

FEDERAL DEPOSIT INSURANCE CORPORATION, as Manager of FSLIC Resolution Fund as Receiver for Audubon Federal Savings & Loan Association of New Orleans, Louisiana, Plaintiff-Appellee. Clifford Cole Oil Company, Intervenor. v. Royce LEE; Kathy Lee; Alex Gates, Trustee for Dr. Glenn Wegener; Nancy Wegener; J.M. Denton, Jr.; Ivy Dean Spradling; Raymond Abramson, Trustee for Ivy Dean Spradling; United Southern Bank of Clarksdale; Merchants & Planters Bank; United States of America; Victor L. Nutt; Jean Sanford; Commercial Union Insurance Company; Darrell Larker; Haygood of Arkansas; Timothy Leathers, Commissioner of Revenues, State of Arkansas; Arkansas Department of Labor; Patricia A. Denton; Hercoleed, Inc., Defendants. Marbella & Company of Arkansas, Inc., Defendant-Appellant. Coleman's Service Center, Inc. Defendant-Appellant.

United States Court of Appeals, Eighth Circuit.

Decided March 16, 1993.

Rehearing Denied April 14, 1993.

Attorney(s) appearing for the Case

Keith Blackman, Jonesboro, AR, argued, for appellant.

E. Whitney Drake, Washington, DC and James H. Penick, III, Little Rock, AR, argued, for appellees.

Before GIBSON and WOLLMAN, Circuit Judges, and STROM, District Judge.

STROM, District Judge.

Coleman Service Center, Inc. ("Coleman") appeals1 the district court's Judgment of Foreclosure on a one-acre tract of property on which Coleman possessed a leasehold interest. We affirm.

I.

The following is a chronological summary of the transactions which are relevant to the issues raised by the appellant.

On May 4, 1984, Audubon Federal Savings...

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