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ADAMS v. MADISON REALTY & DEVELOPMENT, INC.

Civ. A. No. 87-1279.

746 F.Supp. 419 (1990)

John M. ADAMS, et al., Plaintiffs, v. MADISON REALTY & DEVELOPMENT, INC., et al., Defendants.

United States District Court, D. New Jersey.

As Amended September 20, 1990.

Attorney(s) appearing for the Case

Marcus Crahan, Jr., Crahan, Javelera, Ver Halen & Aull, Los Angeles, Cal., Kenneth N. Laptook, Kimmelman, Wolff & Samson, Roseland, N.J., for plaintiffs.

Richard E. Moot, Moot & Sprague, Buffalo, N.Y., Mark F. Hughes, Jr., Robinson, Wayne & Lasala, Newark, N.J., for defendant Resolution Trust Corp. as Receiver of Empire of America Federal Sav. Bank and Resolution Trust Corp. as Conservator for Empire Federal Sav. Bank of America.

OPINION

WOLIN, District Judge.

In this complicated securities litigation plaintiffs and defendant Empire of America Federal Savings Bank ("Empire") both moved for summary judgment. Before the motions were heard, the Office of Thrift Supervision ("OTS") appointed the Resolution Trust Corporation ("RTC") as Conservator for Empire. RTC was substituted for Empire as a party in the case and now asserts certain statutory rights and common law defenses to plaintiffs...

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