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SHIPSTON ASSOCIATES v. ESSELTE PENDAFLEX CORP.

No. 94-8355.

74 F.3d 1126 (1996)

SHIPSTON ASSOCIATES, Plaintiff, Counter-Defendant, Appellee, Cross-Appellant, Roderick Cushman, Cushman Family Trust C, by Milton Hecht, Plaintiffs-Appellees, Cross-Appellants, v. ESSELTE PENDAFLEX CORPORATION, Defendant, Cross-Claimant, Cross-Defendant, Appellant, Cross-Appellee, NationsBank of Georgia, N.A., f/k/a Citizens & Southern National Bank, Defendant, Cross-Defendant, Counter-Claimant, Cross-Claimant, Third Party Plaintiff, Appellant, Cross-Appellee, John J. O'Connor, Third Party Defendant, Appellant.

United States Court of Appeals, Eleventh Circuit.

February 12, 1996.

Attorney(s) appearing for the Case

Dana Garrett Diment, Carrollton, GA, for appellant.

Arnall, Golden & Gregory, Atlanta, GA, for appellee.

William V. Custer, David G. Ross, William Bard Brockman, Powell, Goldstein, Frazer & Murphy, Atlanta, GA, for NationsBank.

James J. Brissette, Atlanta, GA, for O'Connor.

Michael M. Zaitz, James I. Serota, Huber, Lawrence & Abell, New York City, for Shipston Associates.

Before TJOFLAT, Chief Judge, BIRCH, Circuit Judge, and HENDERSON, Senior Circuit Judge.

TJOFLAT, Chief Judge:

This appeal involves a sale-leaseback transaction gone awry. The parties appeal from the final judgment of the District Court for the Northern District of Georgia, granting in part and denying in part the parties' motions for summary judgment. For the reasons set forth below, we affirm the district court in part and reverse in part.

I.

A.

The essential facts are not in dispute. In 1967, Dymo Industries, the predecessor...

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