C.I.T. Corporation, a New York Corporation v. Lee Pontiac, Inc., Etc., Ralph Gorringe

OPINION

EAST, Senior District Judge:

THE CASE

This diversity action was brought by C.I.T. Corporation (C.I.T.) against Lee Pontiac, Inc. (Pontiac) and its guarantors for a judgment on a deficiency on two secured transactions after the repossession and sale of the collateral.

The defendants in the District Court counterclaimed against C.I.T. and inter-plead Dick Nolan seeking damages resulting from an alleged conspiracy between C.I.T. and Nolan to minimize the sale price of the collateral involved in this action.

The action was tried to the District Court without a jury. The District Court filed…