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DPJ CO. LTD. PARTNERSHIP v. F.D.I.C.

No. 93-2145.

30 F.3d 247 (1994)

DPJ COMPANY LIMITED PARTNERSHIP, Plaintiff, Appellant, v. FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver for Bank of New England, N.A., Defendant, Appellee.

United States Court of Appeals, First Circuit.

Decided July 27, 1994.

Attorney(s) appearing for the Case

Robert D. Loventhal with whom Robert D. Loventhal Law Office, Sharon, MA, was on brief, for appellant.

Gregory E. Gore, Counsel, F.D.I.C., with whom Ann S. DuRoss, Asst. Gen. Counsel, and Robert D. McGillicuddy, Sr. Counsel, Washington, DC, were on brief, for appellee.

Before TORRUELLA, Circuit Judge, COFFIN, Senior Circuit Judge, and BOUDIN, Circuit Judge.

BOUDIN, Circuit Judge.

DPJ Company Limited Partnership ("DPJ") is a Massachusetts real estate developer. On February 12, 1988, it entered into a commitment letter agreement with the Bank of New England. Subject to various conditions being satisfied, the agreement contemplated the creation of a three-year $2.5 million line of credit on which DPJ could draw to finance primary steps in land development ventures (e.g., deposits, option payments, and architectural...

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