Federal Deposit Insurance Corporation, as Receiver of Penn Square Bank, N.A. v. Henry J. Staudinger
Court of Appeals for the Tenth Circuit
1Opinion of the Court
THEIS, District Judge.
This is a collection suit brought by the Federal Deposit Insurance Corporation (“FDIC”), as receiver of the Penn Square Bank (“PSB”), against Henry J. Staudinger, on an unsigned “dummy” promissory note. Staudinger, a Washington, D.C., attorney, had borrowed money from PSB to purchase stock in Clifford Resources, Inc. (“CRI”). CRI was a company controlled by Staudinger’s friend and client, Harold Clifford. Staudinger dealt with PSB through Clifford.
In May of 1981, Clifford offered Staudinger the opportunity to buy 120,000 shares of stock which would otherwise be sold at a…
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