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COLONIAL COURTS APARTMENT CO. v. PARADIS

Civ. A. No. 91-0535L.

780 F.Supp. 88 (1992)

COLONIAL COURTS APARTMENT COMPANY, Don Fisher Manor, Susan M. Friedman, individually and as Trustee for Mark Milstein, Robert Milstein, and American National Bank, Plaintiffs, v. Maurice C. PARADIS, Director of the Rhode Island Department of Business Regulation, as Permanent Receiver for Marquette Credit Union, Defendant.

United States District Court, D. Rhode Island.

January 7, 1992.

Attorney(s) appearing for the Case

Michael DiBiase, Joseph Cavanaugh, John Blish, Blish & Cavanaugh, Providence, R.I., for plaintiffs.

Brenda Cotter, Elizabeth Ritvo, Brown, Rudnick, Freed & Gesmer, Boston, Mass., Andrew Hodgkin, William Dolan, Brown, Rudnick, Freed & Gesmer, Providence, R.I., for defendant.

MEMORANDUM AND ORDER

LAGUEUX, District Judge.

I. INTRODUCTION

This case grows out of Rhode Island's current banking crisis. Plaintiffs allegedly hold an unsecured claim of $1.3 million against the receivership estate of Marquette Credit Union ("Marquette"), based on certain standby letters of credit issued in 1990. The Governor of Rhode Island closed Marquette on January 1, 1991, because Marquette's deposit insurer had become insolvent and Marquette...

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