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COUNTRY CLUB ASSOCIATES LTD. PARTNERSHIP v. F.D.I.C.

No. 93-1781.

918 F.Supp. 429 (1996)

COUNTRY CLUB ASSOCIATES LIMITED PARTNERSHIP, et al., Plaintiffs, v. FEDERAL DEPOSIT INSURANCE CORPORATION, Defendant.

United States District Court, District of Columbia.

February 14, 1996.

Attorney(s) appearing for the Case

Burton A. Schwalb, Schwalb, Donnenfeld, Bray & Silbert, Washington, DC, for plaintiff.

Katherine Newman, Robert Wilson Hawkins, Huton & Williams, Allen Scott Rugg, Washington, DC, for defendant.

OPINION

PAUL L. FRIEDMAN, District Judge.

Country Club Associates Limited Partnership was formed to construct a residential community with a Robert Trent Jones golf course, a tennis facility and a clubhouse, to be called Virginia Oaks.1 To finance the project it entered into a $57 million Loan Agreement with Home Federal Savings and Loan Association ("HFSL"). After construction on Virginia Oaks had begun and Country Club...

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