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WEST PARK ASSOCIATES v. BUTTERFIELD SAV. & LOAN

Nos. 93-35004, 93-35194.

60 F.3d 1452 (1995)

WEST PARK ASSOCIATES, a California limited partnership; Gateway Loop Land Limited, I, an Oregon limited partnership; Roseburg Mini-Warehouse, Ltd., an Oregon limited partnership; Atwood Arms, Ltd., a partnership; et al., Plaintiffs-Appellants, v. BUTTERFIELD SAVINGS & LOAN ASSOCIATION, a California savings and loan association; Butterfield Development Corporation, a California corporation; Butterfield Venture Corporation, a California corporation; Butterfield Capital Corporation, a California corporation, et al.; Schwabe, Williamson, Wyatt, Moore and Roberts; Pike, Urand and Morello, Defendants-Appellees. WEST PARK ASSOCIATES, a California limited partnership; Gateway Loop Land Limited, I, an Oregon limited partnership; Roseburg Mini-Warehouse, Ltd., an Oregon limited partnership; Atwood Arms, Ltd., a partnership; et al., Plaintiffs-Appellants, v. BUTTERFIELD SAVINGS & LOAN ASSOCIATION, a California savings and loan association; Butterfield Development Corporation, a California corporation; Butterfield Venture Corporation, a California corporation; Butterfield Capital Corporation, a California corporation, et al.; Schwabe, Williamson, Wyatt, Moore and Roberts; Pike, Urand and Morello, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Decided July 28, 1995.

Attorney(s) appearing for the Case

Frederick T. Smith, J. Bradford Shiley, John P. Crowell, Carla Anderson, Portland, OR, for plaintiffs-appellants.

Arden E. Shenker, Michael J. Gentry, Tooze, Shenker, Duden, Creamer, Frank & Hutchison, Portland, OR, for defendant-appellee Pike, Urland & Morello.

Thomas W. Brown, Cosgrave, Vergeer & Kester, Portland, OR, for defendant-appellee Schwabe, Williamson, Wyatt, Moore & Roberts.

Peter J. Deidrich, Pettit & Martin, Los Angeles, CA, and Ann S. DuRoss, F.D.I.C., Washington, DC, for defendants-appellees F.D.I.C.

Before: TANG and WIGGINS, Circuit Judges, and HENDERSON, District Judge.

WIGGINS, Circuit Judge:

OVERVIEW

Plaintiffs-Appellants ("Appellants") are thirty-two property owners who sold property in Oregon and Washington to Butterfield Savings & Loan ("Old BSL") in exchange for preferred stock in the bank holding company that was the sole owner of Old BSL. Shortly thereafter, Old BSL was declared insolvent and was placed into a receivership by federal banking regulators. As a result, the bank holding company was left without...

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