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VAREL v. BANC ONE CAPITAL PARTNERS, INC.

No. 94-10726.

55 F.3d 1016 (1995)

Daniel W. VAREL, Plaintiff-Appellant, v. BANC ONE CAPITAL PARTNERS, INC., Formerly known as MVenture Corp., et al., Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

June 12, 1995.

Attorney(s) appearing for the Case

Leland C. De La Garza, De La Garza & Clark, Dallas, TX, for appellant.

James Francis Bullock, Owens, Clary & Aiken, Dallas, TX, for Banc One, et al.

Robert Tingay Brousseau, David A. Klingler, Stutzman & Bromberg, Dallas, TX, for SN Phelps & Commonwealth Oil.

William N. Radford, Ronald Dean Horner, Thompson, Coe, Cousins & Irons, Dallas, TX, for FDIC in its Corp. Capacity.

Daniel H. Kurtenbach, F.D.I.C., Washington, DC, for FDIC, as Rec. for MBank.

Before REYNALDO G. GARZA, HIGGINBOTHAM and PARKER, Circuit Judges.

PATRICK E. HIGGINBOTHAM, Circuit Judge:

The founder of a drilling bits company claims a bank sold equity securities of his company without respecting his contractual right of first refusal. Finding that his company failed to perform a condition precedent to his right of first refusal, the district court awarded defendants summary judgment. We reverse and remand.

I.

In 1986, Varel Manufacturing Company was in default on certain loan agreements. To...

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