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BANQUE WORMS v. BANQUE COMMERCIALE PRIVEE

No. 86 Civ. 8940 (WCC).

679 F.Supp. 1173 (1988)

BANQUE WORMS, NEW YORK BRANCH, Plaintiff, v. BANQUE COMMERCIALE PRIVEE, Irving Trust Company, Defendant and Third-Party Plaintiff, v. Stephen R. WALSH, individually and as general partner of Peachtree Lakes Assoc., & general partner of Ashley Run Assoc., etc., & General Electric Real Estate Equities, Inc. etc., & Walsh International Inc., & Cherokee Construction Co., Inc., Third-Party Defendants.

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

As Amended February 24, 1988.

Attorney(s) appearing for the Case

Schwalb, Donnenfeld, Bray & Silbert, Washington, D.C., Stillman, Friedman & Shaw, New York City, for third-party plaintiff; Charles R. Donnenfeld, Philip D. Green, Lucinda J. Bach, Washington, D.C., Julian Friedman, Andrew Kaizer, New York City, of counsel.

Breed, Abbott & Morgan, New York City, for third-party defendant Gen. Elec. Real Estate Equities, Inc.; James J. Sabella, of counsel.

Winthrop, Stinson, Putnam & Roberts, New York City, for defendant Irving Trust Co.; Stephen A. Weiner, of counsel.

OPINION AND ORDER

WILLIAM C. CONNER, District Judge.

This dispute arises out of a complex commercial transaction involving the development of a parcel of real estate in Georgia. As part of this transaction, defendant Irving Trust Company ("Irving") made several loans to Stephen R. Walsh, third party defendant herein. To secure a part of these loans, Walsh obtained a letter of credit from Banque Commerciale Privee...

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