Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

BANQUE ARABE ET INTERNATIONALE D'INVESTISSEMENT V.

April 23, 1993

BANQUE ARABE ET INTERNATIONALE D'INVESTISSEMENT, Plaintiff,
v.
MARYLAND NATIONAL BANK, Defendant.



The opinion of the court was delivered by: ROBERT J. WARD

 WARD, District Judge.

 Defendant Maryland National Bank ("MNB") has moved, pursuant to Rule 56, Fed. R. Civ. P., for summary judgment in the above-captioned action. Plaintiff Banque Arabe et Internationale d'Investissement ("Banque Arabe") opposes the motion. For the reasons that follow, the motion is granted in part and denied in part.

 This action arises in the aftermath of a real estate deal gone sour. In 1988, defendant arranged a $ 35 million package of loans to eight real estate partnerships, each owned or controlled by Robert K. Marceca. Plaintiff is the former beneficial owner of BAII Banking Corp. ("BAII"), *fn1" which purchased a $ 10 million participation interest in this $ 35 million loan package. The real estate partnerships ultimately defaulted on their loans and the collateral securing the loans was sold at a substantial loss, thereby virtually insuring that the real estate partnerships will be unable to repay the bulk of the $ 10 million loan purchased by BAII. The question now before this Court is whether the holder of the participation interest (Banque Arabe by way of BAII) or the packager of the participation interests (MNB) must bear the loss resulting from the unpaid loan.

 BACKGROUND

 The instant motion is made upon a set of stipulated facts. The undisputed facts which are relevant to a determination of the legal questions involved are as follows:

 The Marceca Loan and Participations

19930423

© 1992-2004 VersusLaw ...

Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.