Opinion by Judge FLETCHER; Partial Concurrence and Partial Dissent by Judge NORRIS.
FLETCHER, Circuit Judge:
These three related appeals arise from the collapse of a commercial real estate development project financed by industrial development bonds. Bondholders Eaton Vance California Municipals Trust, Municipal Securities Trust High Income Series 10, and Municipal Securities Trust High Income Series 11 sued the developer and affiliated companies, the trustee...
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