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F.D.I.C. v. DEGLAU

No. 98-1113.

207 F.3d 153 (2000)

FEDERAL DEPOSIT INSURANCE CORPORATION, exclusive manager of Resolution Trust Corporation, as conservator for Horizon Financial, F.A. v. Louis DEGLAU and Margaret Deglau, h/w Louis Deglau and Margaret Deglau, Appellants.

United States Court of Appeals, Third Circuit.

Filed: March 13, 2000.

Attorney(s) appearing for the Case

Maurice A. Nernberg, Jr., Esquire (Argued), Marc Mellett, Esquire, Maurice A. Nernberg & Associates, Pittsburgh, Pa, Attorneys for Appellants.

Michael K. Coran, Esquire (Argued), Klehr, Harrison, Harvey, Branzburg & Ellers L.L.P., Philadelphia, PA, Attorney for Appellee.

Before: BECKER, Chief Judge, and GREENBERG and CUDAHY, Circuit Judges.

OPINION OF THE COURT

CUDAHY, Circuit Judge.

In 1983, Louis Deglau wanted to get into the business of reclaiming coal from "gob piles." He presented his idea to Gregor F. Meyer, an attorney and a member of the board of Horizon Financial, F.A., (Horizon) a federally chartered savings and loan association based in Bucks County, Pennsylvania. Horizon expressed interest in becoming the venture capital backer of the plan. Deglau formed Kelt, Inc. to carry on the...

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