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SHEERBONNET, LTD. v. AMERICAN EXP. BANK LTD.

No. 262, Docket 93-7330.

17 F.3d 46 (1994)

SHEERBONNET, LTD., Plaintiff-Appellant, v. AMERICAN EXPRESS BANK LTD., Defendant-Appellee.

United States Court of Appeals, Second Circuit.

Decided February 22, 1994.

Attorney(s) appearing for the Case

Jack P. Levin, New York, NY (Lawrence A. Darby, III, David W. Haller, Howard Darby & Levin, New York, NY, of counsel), for Plaintiff-Appellant.

Joseph T. Baio, New York, NY (John J. Halloran, Jr., Carl L. Stine, Joanne M. Chormanski, Willkie Farr & Gallagher, New York, NY, of counsel), for Defendant-Appellee.

Before: VAN GRAAFEILAND, PRATT, and WALKER, Circuit Judges.

GEORGE C. PRATT, Circuit Judge:

This is one of many cases arising out of the seizure in July 1991 of the assets of the Bank of Credit and Commerce International ("BCCI"). Despite its having secured one of the most reliable methods of payment — an irrevocable letter of credit from a Swiss bank — Sheerbonnet, Ltd., stymied by the chance convergence of its "payment due" date with the shutdown of BCCI's worldwide...

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