HIBISCUS ASSOC. v. BD. OF TRUSTEES

Nos. 92-2387, 92-3047.

50 F.3d 908 (1995)

HIBISCUS ASSOCIATES LTD., a Florida partnership; Gerald M. Wochna; Joyce Wochna; Thomas A. Head; Rita B. Head; The Hibiscus Development, Inc., Plaintiffs-Counterclaim Defendants-Appellees, Cross-Appellants, v. BOARD OF TRUSTEES OF the POLICEMEN AND FIREMEN RETIREMENT SYSTEM OF the CITY OF DETROIT, Defendant-Counterclaim Plaintiff-Appellant, Cross-Appellees. HIBISCUS ASSOCIATES LTD., a Florida partnership; Gerald M. Wochna; Joyce Wochna; Thomas A. Head; Rita B. Head; The Hibiscus Development, Inc., Plaintiffs-Counterclaim Defendants-Appellees, v. BOARD OF TRUSTEES OF the POLICEMEN AND FIREMEN RETIREMENT SYSTEM OF the CITY OF DETROIT, Defendant-Counterclaim Plaintiff-Appellant.

United States Court of Appeals, Eleventh Circuit.

April 20, 1995.


Attorney(s) appearing for the Case

Alan K. Cotler, Pepper, Hamilton & Scheetz, Philadelphia, PA, for appellants.

Robert J. Valerian, Kahn, Kleinman, Yanowitz & Arnson, Cleveland, OH, for appellees.

Before ANDERSON and DUBINA, Circuit Judges, and ESCHBACH, Senior Circuit Judge.


ANDERSON, Circuit Judge:

This litigation concerns a $10.6 million loan that the Board of Trustees of the Policemen and Firemen Retirement System of the City of Detroit (hereinafter the "Pension Fund") made to Hibiscus Associates, Ltd. (hereinafter "HAL") on December 9, 1985, for development of the Oaks Shopping Center in Melbourne, Florida. A dispute arose between the parties in this case over whether HAL and the Guarantors of the loan (Hibiscus Development, Inc....

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