JOHN STREET LEASEHOLD LLC v. F.D.I.C.

No. 99-7242.

196 F.3d 379 (1999)

JOHN STREET LEASEHOLD LLC, Plaintiff-Counter-Defendant-Appellant, v. FEDERAL DEPOSIT INSURANCE CORPORATION, Defendant-Counter-Claimant-Appellee.

United States Court of Appeals, Second Circuit.

Decided: November 10, 1999.


Attorney(s) appearing for the Case

Robert J. Ward, Mayer, Brown & Platt, N.Y., N.Y., for Plaintiff-Counter-Defendant-Appellant.

Paul Rubin, Herrick, Feinstein, LLP, N.Y., N.Y., Ann S. Duross, Assistant General Counsel, FDIC, Colleen J. Boles, Senior Counsel, FDIC, Kathryn R. Norcross, of Counsel, FDIC, Washington, D.C., for Defendant-Counter-Claimant-Appellee.

Before: FEINBERG, OAKES, and POOLER, Circuit Judges.


PER CURIAM.

John Street Leasehold LLC ("John Street") seeks to avoid the consequences of a mortgage agreement it signed in December, 1972. In exchange for a nonrecourse loan in excess of 20 million dollars, John Street agreed to repay the principal plus interest by January 1, 2006. John Street also agreed that after December 30, 1992, the lender (a consortium of banks) could provide 6 months notice and require repayment of the entire loan (the "call provision"). As...

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