Musacchio
Federal Sav. and Loan Ins. Corp. v. Musacchio
Opinion
Opinion
Peckham, J.
MEMORANDUM AND ORDER GRANTING PLAINTIFF’S MOTION FOR SUMMARY JUDGMENT AGAINST DEFENDANTS TRADE WIND TRADERS, INC. TW TRADING INTERNATIONAL AND TWT FINANCIAL GROUP ON THIRTEENTH AND FOURTEENTH CLAIMS FOR RELIEF
INTRODUCTION
The Federal Savings and Loan Insurance Corporation (“FSLIC”), as Conservator for Columbus Savings and Loan Association (“Columbus”), seeks summary judgment on the FSLIC’s thirteenth (breach of contract) and fourteenth (money lent) claims for relief against defendants Trade Wind Traders, Inc. (“TWT”), TW Trading International (“TWTI”) and TWT Financial Group (“TWTFG”), hereafter collectively referred to as the “TWT Group”. Both of these claims arise out of a series of loans extended to the TWT Group by Columbus for a total principal sum of $2.89 million. The TWT Group has raised 11 defenses to FSLIC’s claims, all of which depend on a side agreement between the TWT Group’s officers and former Columbus officer Eric J. Noda, another defendant in this action.
BACKGROUND
The following facts are undisputed:
In 1984, Eric J. Noda became an officer at Columbus. Noda is the former husband of the president of the TWT Group, defendant Patricia K. Henry. Shortly…