CARLISLE VENTURES v. BANCO ESPANOL DE CREDITO

Docket No. 98-7869.

176 F.3d 601 (1999)

CARLISLE VENTURES, INC., Plaintiff-Appellee, v. BANCO ESPAÑOL DE CRÉDITO, S.A., Defendant-Appellant.

United States Court of Appeals, Second Circuit.

Decided May 14, 1999.


Attorney(s) appearing for the Case

John F. Collins, New York, N.Y. (Kathryn C. Ellsworth, Gabriela Perez-Marques Baron, Dewey Ballantine LLP, of counsel), for Plaintiff-Appellee.

Wendy E. Ackerman, New York, N.Y. (Jerome S. Fortinsky, Stephen J. Marzen, Roland G. Schroeder, Shearman & Sterling, of counsel), for Defendant-Appellant.

Before OAKES and WALKER, Circuit Judges, and KEITH, Circuit Judge.


OAKES, Senior Circuit Judge:

I. INTRODUCTION

In August 1993, plaintiff-appellee Carlisle Ventures, Inc. (Carlisle) purchased more than two million shares of common stock of defendant-appellant Banco Español de Crédito (Banesto) at 1900 pesetas per share. Spain's central bank later determined that Banesto was financially unstable, took control of Banesto, and completely restructured the bank. The value of the Banesto stock fluctuated...

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