Legal Opinion
Federal Deposit Insurance v. Air Florida System, Inc.
Court of Appeals for the Ninth Circuit
Decided July 17, 1987No. Nos. 84-6280, 85-6327PublishedCited by 1 opinion
1Opinion of the Court
FLETCHER, Circuit Judge.
The FDIC appeals a judgment refusing to rescind its contract with Air Florida and enforcing an arbitration award in Air Florida’s favor. We reverse in part, vacate in part, and remand.
BACKGROUND
In its capacity as receiver of the United States National Bank, the FDIC became a major creditor of the Westgate-California Corporation (“Westgate”). As such, the FDIC was entitled to a large block of West-gate stock once Westgate’s reorganization in bankruptcy was completed. In 1980, the FDIC sold its Westgate interests to Air Florida for $15.4 million. As part of the…
2Cases cited19 opinions
- Pacific Gas & Electric Co. v. G. W. Thomas Drayage & Rigging Co.California Supreme Court · 1968
- Sheet Metal Workers International Association Local Union 420 v. Kinney Air Conditioning Co.Court of Appeals for the Ninth Circuit · 1985
- Lafarge Conseils Et Etudes, S.A. v. Kaiser Cement & Gypsum Corp., Defendant-Counterclaimant/appellant v. The Howard P. Foley Company, Counterdefendant/appelleeCourt of Appeals for the Ninth Circuit · 1986
- Roni K. Dogherra v. Safeway Stores, Inc.Court of Appeals for the Ninth Circuit · 1982
- United States v. City of Twin FallsCourt of Appeals for the Ninth Circuit · 1986
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3Cited by1 opinion
- Federal Deposit Insurance Corporation, as a Receiver of United States National Bank v. Air Florida System, Inc., a Delaware Corporation, Air Florida System, Inc., Counter-Claimant v. Federal Deposit Insurance Corp., Counter-Defendant. Federal Deposit Insurance Corporation, as a Receiver of United States National Bank v. Air Florida System, Inc., a Delaware CorporationCourt of Appeals for the Ninth Circuit · 1987