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CORBIN v. FEDERAL RESERVE BANK OF NEW YORK

No. 77 Civ. 4896 (MP)

475 F.Supp. 1060 (1979)

Sol Neil CORBIN, as Trustee in Bankruptcy of Franklin New York Corporation, Plaintiff, and Connecticut General Life Insurance Company et al., Plaintiffs-Intervenors, v. FEDERAL RESERVE BANK OF NEW YORK, Federal Deposit Insurance Corporation, in its corporate capacity and as Receiver of Franklin National Bank, Defendants.

United States District Court, S. D. New York.

September 4, 1979.

Attorney(s) appearing for the Case

Barrett, Smith, Schapiro, Simon & Armstrong, New York City, for plaintiff Sol Neil Corbin, as Trustee in Bankruptcy of Franklin New York Corp.

Cahill, Gordon & Reindel, New York City, for defendant Federal Reserve Bank of New York.

Debevoise, Plimpton, Lyons & Gates, New York City, for plaintiffs-intervenors.

Casey, Lane & Mittendorf, New York City, for defendant Federal Deposit Ins. Corp.

DECISION AND OPINION

POLLACK, District Judge.

This suit, presented at a Bench trial, seeks a reduction in the interest payable to the defendant Federal Reserve Bank of New York (FRB-NY) on its agreement to forbear for three years the collection of a past due $1.7 billion secured indebtedness of Franklin National Bank. The agreement was made with defendant Federal Deposit Insurance Corporation (FDIC) on the latter's purchase of assets from the Receiver of...

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