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LTV, ETC. v. UMIC GOVERNMENT SECURITIES, INC.

Civ. A. Nos. CA-3-80-0795-G, CA-3-80-1094-G.

523 F.Supp. 819 (1981)

LTV FEDERAL CREDIT UNION, Plaintiff and Counter-Defendant, v. UMIC GOVERNMENT SECURITIES, INC., and Banco de la Nacion Argentina, Defendant and Counter-Claimants, UMIC GOVERNMENT SECURITIES, INC., and Banco de la Nacion Argentina, Plaintiffs, v. LTV FEDERAL CREDIT UNION, Defendant.

United States District Court, N. D. Texas, Dallas Division.

September 1, 1981.

Attorney(s) appearing for the Case

Jim K. Choate, Brice & Barron, Dallas, Tex., for plaintiff.

Chas. Haworth, Johnson, Swanson & Barbee, Dallas, Tex., Kerry C. Smith, Pettit & Martin, San Francisco, Cal., for Banco de la Nacion Argentina.

S. Shepherd Tate, W. Thomas Hutton, Shepherd D. Tate, Martin, Tate, Morrow & Marston, Memphis, Tenn., Chas. P. Storey, Francis W. Thayer, Storey, Armstrong, Steger & Martin, Dallas, Tex., for defendants.

MEMORANDUM OPINION

PATRICK E. HIGGINBOTHAM, District Judge.

These consolidated actions arise out of the breach of a standby commitment agreement ("Standby Commitment") between LTV Federal Credit Union ("LTV") and UMIC Government Securities, Inc. ("UMIC"). LTV seeks a declaratory judgment that the Standby Commitment is unenforceable. UMIC and Banco de la Nacion Argentina ("Banco") seek damages of $1,146,250, pre-judgment interest, and their reasonable attorneys...

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