Banco Urquijo, SA v. Signet Bank/Maryland

OPINION

MUIR, District Judge.

I. Introduction.

This ease involves a claim by two Spanish banks against three American banks and one Japanese bank stemming from substantial loans made by all six to Intershoe, Inc., a designer, importer, and wholesaler of ladies’ shoes. When Intershoe filed a petition in bankruptcy the Spanish banks were unsecured creditors of Intershoe in the approximate amount of $1,500,000. The American banks had extended a credit line to Intershoe in the approximate amount of $40,000,000, fully secured by Intershoe’s accounts receivable, inventory and cash plus a foreign…