Redman Industries, Inc. v. Tower Properties, Inc.

ORDER

ROBERT H. HALL, District Judge.

I. Introduction

This case arises from a complex series of business transactions between plaintiffs (Redman), defendants, and Wachovia Real ty Investments (Wachovia). In February, 1975, Tower Properties, one of the defendants, purchased the Quail Creek apartment project from Redman Development Corporation for $6,800,000.00. Wachovia provided the financing. In the course of this transaction Tower executed two notes in favor of Wachovia, and Redman Development executed a note to Wachovia in the amount of $991,909.50 representing the amount by which its debt on…