(Download) "Mitchell Investment Co. v. Federal Savings and Loan Insurance Corp." by United States Court Of Appeals For The Sixth Circuit " Book PDF Kindle ePub Free
eBook details
- Title: Mitchell Investment Co. v. Federal Savings and Loan Insurance Corp.
- Author : United States Court Of Appeals For The Sixth Circuit
- Release Date : January 17, 1984
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 74 KB
Description
MERRITT, Circuit Judge In 1977 Mitchell Investment Company purchased one million dollars worth of a special class of preferred stock issued by the financially troubled Telegraph Savings & Loan Association pursuant to a subscription agreement which provided that Mitchell Investment could require redemption of the stock at the purchase price if Telegraph Savings, or any successor or assign thereof, sold substantially all of Telegraph Savings' assets. In 1980 Telegraph Savings was declared insolvent and the Federal Savings & Loan Insurance Corporation (FSLIC), acting as receiver, sold substantially all of Telgraph Savings' assets to another financial institution. The question presented is whether Mitchell Investment's right to require redemption of the stock is enforceable and, if so, against whom and under what procedure. I.
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