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SCHULTZ v. RHODE ISLAND HOSP. TRUST NAT. BANK

Nos. 95-1997, 95-2113 and 95-2172.

94 F.3d 721 (1996)

Peter M. SCHULTZ and Pamela A. Schultz, Plaintiffs, Appellants, v. RHODE ISLAND HOSPITAL TRUST NATIONAL BANK, N.A., et al., Defendants, Appellees. BOWDOIN CONSTRUCTION CORP., Plaintiff, Appellant, v. RHODE ISLAND HOSPITAL TRUST NATIONAL BANK, N.A., et al., Defendants, Appellees. ALLENBY ENTERPRISES, INC., et al., Plaintiffs, Appellants, v. RHODE ISLAND HOSPITAL TRUST NATIONAL BANK, N.A., et al., Defendants, Appellees.

United States Court of Appeals, First Circuit.

Decided August 22, 1996.

Attorney(s) appearing for the Case

Edwin A. McCabe, with whom McCabe Brown Sutherland, Joseph P. Davis III, and Lane, Altman & Owens were on brief, Boston, for plaintiffs-appellants.

Joseph L. Kociubes, with whom Peter Alley, Denise Jefferson Casper, and Bingham, Dana & Gould were on brief, Boston, for Rhode Island Hospital Trust National Bank.

Allen N. David, Elizabeth Z. Holmes, and Peabody & Arnold, on brief, Boston, for Federal Deposit Insurance Corp. as receiver of Coolidge Bank and Trust Co.

Robert D. Cultice, Louis J. Scerra, Jr., and Goldstein & Manello, P.C., on brief, Boston, for Chrysler First Business Credit Corp.

Before TORRUELLA, Chief Judge, and CAMPBELL, Senior Circuit Judge, and LYNCH, Circuit Judge.

LYNCH, Circuit Judge.

These three actions, consolidated for appeal, arise out of a failed real estate venture involving the purchase and redevelopment of the Sea Crest Hotel in Falmouth, Massachusetts ("the Sea Crest"). In a federally registered public offering, investors purchased condominium unit deeds and "pooled income" interests in the Sea Crest project. One of the offering's features, as disclosed in the prospectus, was that the offering would be terminated...

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