LEDO FINANCIAL CORP. v. SUMMERS

No. 94-56296.

122 F.3d 825 (1997)

LEDO FINANCIAL CORPORATION, Plaintiff-Appellant, v. Harry L. SUMMERS; Daniel W. Dierdorff; Sun Savings and Loan Association; David Eichten, and Does 1 through 50, inclusive, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Resubmitted June 1, 1997.

Decided August 20, 1997.


Attorney(s) appearing for the Case

Laurie Largent, Law Offices of Anton N. Handal, and Nicholas F. Coscia, Dennis & Coscia, San Diego, CA, for plaintiff-appellant.

Barbara Woodall, Federal Deposit Insurance Corporation, Washington, DC, for defendants-appellees.

Before: BEEZER, BRUNETTI, and JOHN T. NOONAN, Jr., Circuit Judges.


Opinion by Judge BRUNETTI; Dissent by Judge NOONAN.

BRUNETTI, Circuit Judge.

Ledo Financial Corporation ("Ledo") appeals the summary judgment for FDIC as receiver for Sun Savings & Loan Association ("Sun"). Ledo claims that it loaned Sun $500,000 in 1984 pursuant to an unwritten agreement. According to Ledo, the loan was not repaid in dollars as originally agreed but rather in Sun stock. Ledo alleges that Sun officials misrepresented the value of the stock...

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