Daniel W. Varel v. Banc One Capital Partners, Inc., Formerly Known as Mventure Corp.

PATRICK E. HIGGINBOTHAM, Circuit Judge:

The founder of a drilling bits company claims a bank sold equity securities of his company without respecting his contractual right of first refusal. Finding that his company failed to perform a condition precedent to his right of first refusal, the district court awarded defendants summary judgment. We reverse and remand.

I

In 1986, Varel Manufacturing Company was in default on certain loan agreements. To restructure its debt, Varel Manufacturing and its lenders — MBank Dallas and the FDIC — agreed to an “Amended, Restated and Consolidated Term Loan…