Federal Deposit Insurance Corp. v. Sea Pines Company

DOUMAR, District Judge:

This matter is on appeal from the decision of the District Court for the District of South Carolina, wherein the plaintiff/appellant, the Federal Deposit Insurance Corporation (FDIC) alleged that Sea Pines Company, the parent, guaranteed a particular indebtedness of its subsidiary, Point South, Inc., to the American Bank & Trust Company (AB & T), the predecessor in interest to FDIC. Alternatively, FDIC sought to pierce the corporate veil of Point South, Inc. The Court held that Sea Pines Company, the parent, did not guarantee the particular indebtedness. The District…