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F.D.I.C. v. FEDDERS AIR CONDITIONING, USA, INC.

Nos. 93-1889, 93-1890.

35 F.3d 18 (1994)

FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver of New Bank of New England, N.A., Plaintiff, Appellee, v. FEDDERS AIR CONDITIONING, USA, INC., Defendant, Appellant. FEDDERS AIR CONDITIONING, USA, INC., Plaintiff, Appellant, v. FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver of Bank of New England, N.A., and as Receiver of New Bank of New England, N.A., et al., Defendants, Appellees.

United States Court of Appeals, First Circuit.

Decided September 15, 1994.

Attorney(s) appearing for the Case

Richard d'A. Belin with whom Michael A. Albert and Foley, Hoag & Eliot, Boston, MA, were on brief for appellant.

Marta Berkley, F.D.I.C.-Legal, Washington, DC, and Kathleen C. Stone with whom David C. Aisenberg and Williams & Grainger, Boston, MA, were on brief for appellees.

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

BOUDIN, Circuit Judge.

On December 1, 1986, Fedders Air Conditioning, USA, Inc. ("Fedders") signed a contract with Liberty Effingham Limited Partnership ("Liberty") to sell to Liberty a very large warehouse in Effingham, Illinois, owned by Fedders. The warehouse covered 10 acres and the sale price was $7 million. The warehouse was then under lease to a tenant, Sherwin-Williams, and the contract provided that Liberty would assume Fedders' obligations as landlord with...

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