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IN RE UNITED INDEP. FEDERAL CREDIT UNION

No. CV 90-4234 (ADS).

768 F.Supp. 42 (1991)

In re CONSERVATORSHIP OF UNITED INDEPENDENT FEDERAL CREDIT UNION, CHARTER NUMBER 01603.

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

June 26, 1991.

Attorney(s) appearing for the Case

Andrew J. Maloney, U.S. Atty., E.D.N.Y. by Joseph D. McCann, Brooklyn, N.Y., and Nat. Credit Union Admin. Bd., Office of General Counsel by John K. Ianno, Washington, D.C., for Nat. Credit Union Admin. Bd.

Buchwald & Kaufman by Alan R. Kaufman, New York City, for United Independent Federal Credit Union.

Jo Ann Harris, New York City, for Aaron Baer and Maurice Baer.

MEMORANDUM AND ORDER

SPATT, District Judge.

By Order dated November 29, 1990, the National Credit Union Administration Board (the "NCUAB") appointed itself conservator of the United Independent Federal Credit Union (the "Credit Union"), located in Valley Stream, New York, pursuant to 12 U.S.C. § 1786(h)(1) ("The Board may, ex parte without notice, appoint itself as conservator and immediately take possession and control of the business and assets...

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