Home Savings Bank, F.S.B., by Its Conservator, the Resolution Trust Corporation v. Robert B. Gillam
Court of Appeals for the Ninth Circuit
1Opinion of the Court
TANG, Circuit Judge:
Robert Gillam is the former chief executive officer and major shareholder of the Home Savings Bank (“Bank”). In 1987, the financially-troubled Bank entered into a Capital Forbearance Agreement with the Federal Home Loan Bank Board (“FHLBB”) designed to stem the flow of money out of the Bank. In May 1988, the Bank’s Board of Directors created a legal indemnification fund for its officers by transferring $300,000 out of the Bank. The Board also voted generous severance payments for some of its officers, including a $177,000 severance benefit for Gillam. The Resolution Trust…
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