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BIRBARA v. LOCKE

No. 96-1530.

99 F.3d 1233 (1996)

Charles A. BIRBARA and David G. Massad, Plaintiffs, Appellees, v. Gordon LOCKE et al., Defendants, Appellants, and Technology Finance Group, Inc., Defendant.

United States Court of Appeals, First Circuit.

Decided November 7, 1996.

Attorney(s) appearing for the Case

Alexander D. Widell, with whom Eugene R. Scheiman and Baer, Marks & Upham LLP were on brief, New York City, for appellants.

Roy A. Bourgeois, with whom Amato J. Bocchino and Bourgeois, Dresser & White were on brief, Worcester, MA, for appellees.

Before BOUDIN, Circuit Judge, ALDRICH, Senior Circuit Judge, and LYNCH, Circuit Judge.

LYNCH, Circuit Judge.

Two sophisticated investors bought computer-lease tax shelters. The 1986 revisions to the Tax Code undercut the economic rationale for such tax shelters. As a result, the seller of the shelters, Technology Finance Group ("TFG"), later became insolvent and violated its investment contracts. A public company, Creative Resources, Inc. ("CRI"), acquired control of TFG, poured in money and attempted, unsuccessfully, to salvage the company. The two...

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