Schreiber Family Charitable Foundation v. First Financial Acceptance Co.

MEMORANDUM & ORDER

DEARIE, District Judge.

Plaintiff Schreiber Family Charitable Foundation (“Schreiber”) has sued for breach of an agreement (the “Agreement”) to pledge stock as collateral for a loan, and now moves for partial summary judgment. On December 23, 1994, Schreiber entered into the Agreement with defendant First Financial Acceptance Co., Inc. (“First Financial”), pledging 300,000 American Depository Receipts (“ADR’s”) of Great Central Mines, Ltd. (the “Securities”), an Australian gold mining company, as security for a $1,275 million loan to be made to Schreiber. ADR’s are…