FIRST COMMONWEALTH v. HIBERNIA NAT. BANK

Civ. A. No. 91-2743.

860 F.Supp. 1142 (1994)

FIRST COMMONWEALTH CORPORATION v. HIBERNIA NATIONAL BANK OF NEW ORLEANS.

United States District Court, E.D. Louisiana.

July 22, 1994.


Attorney(s) appearing for the Case

John C. Combe, Jr., Warren M. Schultz, Jr., M. Richard Schroeder, T. Michael Twomey, Jones, Walker, Waechter, Poitevent Carrere & Denegre, New Orleans, LA, for plaintiff First Commonwealth Corp.

Robert Stephen Rooth, Corinne Ann Morrison, James Calvin Young, Chaffe, McCall, Phillips, Toler & Sarpy, New Orleans, LA, John F. Weeks, II, Usry & Weeks, Metairie, LA, for defendant Hibernia Nat. Bank of New Orleans.

Robert G. Stassi, Chehardy, Sherman, Ellis, Breslin & Murray, Metairie, LA, Frank Gerald DeSalvo, Frank G. DeSalvo, Atty. at Law, New Orleans, LA, for third-party defendant Leonard H. Aucoin.

Frank Gerald DeSalvo, Atty. at Law, New Orleans, LA, for third-party defendant W. Joel Herron.

Richard Terrell Simmons, Jr., Kurt D. Engelhardt, Hailey, McNamara, Hall, Larmann & Papale, Metairie, LA, for third-party defendant Dennis J. LaFont.

Laurence D. Rudman, Kiefer & Rudman, Metairie, LA, Jerry F. Palmer, Elkins & Associates, New Orleans, LA, Pierre V. Miller, II, Kiefer & Rudman, APLC, Metairie, LA, for third-party defendant Jerry F. Palmer.


MEMORANDUM AND ORDER

SEAR, Chief Judge.

I. BACKGROUND

This third party complaint was filed under the Court's supplemental jurisdiction.1 On December 11, 1989, First Commonwealth Corp. ("FCC") loaned $8.25 million to Insurance Premium Assistance Company ("IPAC"), which pledged certain "premium finance notes" (the "notes") to FCC as collateral. The nature of the notes was such that they diminished in value...

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