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IN RE WESTCAP ENTERPRISES

No. 99-20514.

230 F.3d 717 (2000)

In The Matter of: WESTCAP ENTERPRISES; Westcap Corp., Debtors. Westcap Enterprises; Westcap Corporation, Appellants-Cross-Appellees, v. City Colleges of Chicago; Board of Trustees, of Community College District No. 508 County of Cook State of Illinois, Appellees-Cross-Appellants. In the Matter of: Westcap Enterprises, Inc., Debtor. The Westcap Corp.; Westcap Enterprises, Inc., Appellants. In the Matter of: Westcap Enterprises, Inc., Debtor. Westcap Corp., Appellant-Cross-Appellee, v. Board of Trustees of Community College District No. 508 County of Cook State of Illinois, Appellee-Cross-Appellant.

United States Court of Appeals, Fifth Circuit.

Revised October 17, 2000.

Rehearing and Rehearing Denied November 16, 2000.

Attorney(s) appearing for the Case

Reagan W. Simpson (argued), Zack A. Clement, Fulbright & Jaworski, Myron M. Sheinfeld (argued), Edward Lee Morris, Sheinfeld, Maley & Kay, Houston, TX, Helen E. Witt, Kirkland & Ellis, Chicago, IL, for Westcap Enterprises and Westcap Corp.

Thomas K. McQueen (argued), Edward Brent Kidwell, Jenner & Block, Chicago, IL, for City Colleges of Chicago and Bd. of Trustees of Community College Dist. No. 508.

Harry M. Reasoner, Vinson & Elkins, Houston, TX, Will David Davis, Heath, Davis & McCalla, Austin, TX, for National Western Life Ins. Co., Amicus Curiae.

Before JOLLY and DeMOSS, Circuit Judges, and DAVID D. DOWD, District Judge.

Rehearing and Rehearing En Banc Denied November 16, 2000.

E. GRADY JOLLY, Circuit Judge:

City Colleges of Chicago got stung badly in the crash of the bond market in the fall of 1993 — and, in particular, the crash of the mortgage-backed bond market. It was indeed a risky investment for City Colleges. City Colleges lost about half its entire portfolio. City Colleges ultimately sued the seller of the bonds, Westcap, which had been forced into bankruptcy...

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