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ST. BERNARD SAV. AND LOAN ASS'N v. CELLA

Civ. A. No. 91-4493.

856 F.Supp. 1166 (1994)

ST. BERNARD SAVINGS AND LOAN ASSOCIATION v. Joy Levet, Wife of/and George A. CELLA, III.

United States District Court, E.D. Louisiana.

June 22, 1994.

Attorney(s) appearing for the Case

M. Claire Rosenzweig, Bronfin and Heller, Paul J. Mirabile, Edward T. Suffern, Gary S. Brown, Middleberg, Riddle & Gianna, New Orleans, LA, for St. Bernard Sav. and Loan Ass'n, Resolution Trust Corp., as Receiver for Oak Sav. Tree Bank, S.S.B. and Conservator of Oak Tree Federal Sav. Bank, S.S.B., Oak Tree Sav. Bank, S.S.B., fka St. Bernard Sav. and Loan Ass'n.

Patrick D. Breeden, Patrick D. Breeden, New Orleans, LA, for Joy Levet, wife of/and George A. Cella, III.

Michael Delesdernier, Sidney D. Torres, III, Law Offices of Sidney D. Torres, III, Chalmette, LA, for James Kitto.

Regina C.S. Wedig, Alvin J. Bordelon, Jr., Donald E. Theriot, Bordelon, Hamlin & Theriot, New Orleans, LA, for Secor Bank SSB.

John C. Combe, Jr., Andrew R. Lee, Jones, Walker, Waechter, Poitevent, Carrere, & Denegre, New Orleans, LA, for Traveler Indem. Co.

Nathan Gisclair, Jr., Montgomery, Barnett, Brown, Read, Hammond & Mintz, New Orleans, LA, for U.S. Fidelity and Co.

ORDER AND REASONS

MENTZ, District Judge.

The Cellas, defendants in this case (Cellas), purchased a tract of land owned by First Financial Bank, later known as Secor Bank, F.S.B. (FFB/Secor), which lent Cellas the purchase price for the property and an additional sum for the construction thereon of the Brandy Place Shopping Center (the shopping center). In conjunction with its loan to the Cellas, FFB/Secor contracted for a twenty-five percent interest in...

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