Federal Deposit Insurance, Corp. v. FBOP Corp.

MEMORANDUM OPINION AND ORDER

Honorable Thomas M. Durkin, United States District Judge

Introduction

Standard of Review

Background

A. The Rise and Fall of FBOP And The Banks

B. The Corporate Debt of FBOP And The, Personal Debt Of Its ChairMAN

C. The $10.3 Million In Non-Escrowed Refunds

D. FBOP’s Settlement Of Its Unsecured Creditors’ Claims

E. The $265.3 Million In Escrowed Refunds

F. Current Litigation

Discussion

I. Choice of Law

II. Rules of Contract Interpretation

III. The FBOP Defendants’ Rule 12(c) Motion for Judgment As A Matter Of Law On Counts I-II

A. The “Default” Rule Regarding Ownership of Tax…