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McCULLOUGH v. F.D.I.C.

Civ. A. No. 91-12852-H.

788 F.Supp. 626 (1992)

David J. McCULLOUGH and Winifred McCullough, Plaintiffs, v. F.D.I.C. as Receiver of the Bank of New England, N.A., Defendant.

United States District Court, D. Massachusetts.

April 10, 1992.

Attorney(s) appearing for the Case

William H. Sheehan, III, Pearl, McNiff, Crean, Cook & Sheehan, Peabody, Mass., for plaintiffs.

Michael P. Ridulfo, Deutsch, Williams, Brooks, DeRensis, Holland & Drachman, Daniel I. Small, Widett, Slater & Goldman, P.C., John Foskett, Deutsch, Williams, Brooks, DeRensis, Holland & Drachman, Boston, Mass., for defendant.

MEMORANDUM AND ORDER

HARRINGTON, District Judge.

The plaintiffs brought this action against the FDIC in its capacity as receiver of the failed Bank of New England ("BNE"). In their Complaint the plaintiffs allege that BNE was the financier and co-developer of an industrial condominium project in which the plaintiffs bought four units. The plaintiffs funded this purchase with a promissory note from the BNE in the amount of $350,000 secured by a mortgage on...

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