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MARRERO v. ABRAHAM

Civ. A. No. 76-2891.

473 F.Supp. 1271 (1979)

Louis H. MARRERO IV, Plaintiff, v. Wilson P. ABRAHAM, Defendant and Third-Party Plaintiff, v. BANCO DI ROMA (CHICAGO), Taro Anstalt, Vaduz, Serafino Ferruzzi, Inter-Financing Exchange, S.A., Artfer, Inc., and Mississippi River Grain Elevator, Inc., Third-Party Defendants.

United States District Court, E. D. Louisiana.

July 30, 1979.

Attorney(s) appearing for the Case

Arthur A. Lemann, III, New Orleans, La., and David P. Seikel, Houston, Tex., for plaintiff.

Moise S. Steeg, Jr., Henry F. O'Connor, Jr., and James F. Willeford, Steeg & O'Connor, New Orleans, La., for defendant and third-party plaintiff Wilson P. Abraham.

Harry McCall, Jr., George W. Pigman and James P. Farwell, Chaffe, McCall, Phillips, Toler & Sarpy, New Orleans, La., Daniel McKay, Frankel, McKay, Orlikoff, Denton & Kostner, Chicago, Ill., for third-party defendant Banco di Roma (Chicago).

Martin L. C. Feldman and Robert A. Kutcher, Bronfin, Heller, Feldman & Steinberg, New Orleans, La., for third-party defendants Artfer, Inc. and Mississippi River Grain Elevator, Inc.

SEAR, District Judge.

In April, 1976 defendant Wilson P. Abraham sold plaintiff Louis H. Marrero, IV 305,306 shares of stock in the International City Bank (ICB) of New Orleans, which represented a controlling interest in the bank. The total purchase price was $3,511,019, of which Marrero paid $750,000 in cash. For the balance he executed a personal promissory note to Abraham for $861,019 and assumed Abraham's existing $1.9 million debt with Banco di Roma—Chicago...

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