Citibank, N.A. v. Oxford Properties & Finance Limited, James S. Lee and James S. Lee & Co., (Guam), Ltd. v. Citibank, N.A.

KENNEDY, Circuit Judge:

These two related appeals involve three parties. James S. Lee is a businessman who owns controlling interests both in James S. Lee & Co. (Guam) Ltd. (“Leeco”) and in Coca-Cola Bottling Company of Guam (“Coca-Cola”). Citibank, a bank doing business in Guam, lent money to Lee, Leeco, and Coca-Cola. Oxford Properties and Finance Limited (“Oxford”) was also a creditor of Lee’s.

This controversy began on April 14, 1976, when Lee filed a complaint against Citibank. Lee sought rescission of what are known as the “Tokyo agreements.” Citibank relied on these agreements to hold…