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FEDERAL SAV. AND LOAN INS. CORP. v. SMITH

No. LR-C-88-555.

755 F.Supp. 1432 (1989)

FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION, as Receiver for FirstSouth, F.A., Plaintiff, v. W. Robert SMITH, Defendant, Counterplaintiff and Third Party Plaintiff, v. FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION, as Receiver for FirstSouth, F.A., et al., Third Party Defendants.

United States District Court, E.D. Arkansas, W.D.

October 31, 1989.

Attorney(s) appearing for the Case

Dan Parker, Eichenbaum Firm, Little Rock, Ark., for Federal Sav. and Loan Ins. Corp.

Jake Lutz, Huggins & Associates, Memphis, Tenn., and Cyril Hollingsworth, Little Rock, Ark., for W. Robert Smith.

Philip Kaplan, Little Rock, Ark., for Rod Beason.

ORDER

EISELE, Chief Judge.

Defendant borrowed some $494,000 from FirstSouth, F.A. Subsequently, defendant failed to repay the loan and the FSLIC was appointed receiver for FirstSouth, succeeding to all of FirstSouth's rights against defendant. FSLIC as receiver filed suit in this Court to collect on defendant's note. Defendant responded that he had been duped into borrowing the money for the purpose of buying now worthless FirstSouth stock, and that this...

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