Gene L. Ackerman, Emil J. Amberboy v. Federal Deposit Insurance Corp., Societe De Banque Privee, F/k/a Saudi European Bank

DUHÉ, Circuit Judge.

I

Appellants purchased limited partnership participation interests in an oil and gas investment program formed by Vanguard Group International, Inc. (VGI) in 1983. In consideration for their interests, each Appellant made a cash downpayment and executed a promissory note for the balance of the investment payable to the limited partnership or to the lender, who was to be identified later. Several months later, VGI assigned the promissory notes to Appel-lees, Saudi European Bank (the Bank), as the lender. The Bank received only the first annual payment due on the notes. When…