United States Ninth Circuit

In companion cases concern the undercapitalization and eventual insolvency of a federally insured bank, and its holding company, rulings below against the holding company are affirmed in part and reversed in part where: 1) the district court correctly concluded that the holding company was bound by a performance guaranty and correctly calculated its liability; 2) further proceedings were required on the issue of whether the performance guaranty could be avoided as a fraudulent conveyance; and 3) a claim by the FDIC was entitled only to ninth priority, as opposed to administrative priority status.

Appellate Information

• Argued 02/06/2008
• Decided 06/04/2008
• Published 06/05/2008

Judges

• HALL, Circuit Judge:, Before:  CYNTHIA HOLCOMB HALL, SUSAN P. GRABER, and MARSHA S. BERZON, Circuit Judges.

Court

• United States Ninth Circuit

Counsel

• For Appellant:
  
• Michael H. Strub, Jr., Jeffrey M. Reisner, Irell & Manella LLP, Los Angeles, CA, for the plaintiff-appellant.


• For Appellees:
  
• Jaclyn C. Taner, Jennifer M. Barozie, and J. Scott Watson, Federal Deposit Insurance Corporation, Legal Division, Arlington, VA, for the defendant-appellee.