Federal Deposit Insurance Corporation, as a Receiver of United States National Bank v. Air Florida System, Inc., a Delaware Corporation, Air Florida System, Inc., Counter-Claimant v. Federal Deposit Insurance Corp., Counter-Defendant. Federal Deposit Insurance Corporation, as a Receiver of United States National Bank v. Air Florida System, Inc., a Delaware Corporation

822 F.2d 833 FEDERAL DEPOSIT INSURANCE CORPORATION, as a receiver of United States National Bank, Plaintiff-Appellant, v. AIR FLORIDA SYSTEM, INC., a Delaware Corporation, Defendant-Appellee. AIR FLORIDA SYSTEM, INC., Counter-Claimant, v. FEDERAL DEPOSIT INSURANCE CORP., Counter-Defendant. FEDERAL DEPOSIT INSURANCE CORPORATION, as a receiver of United States National Bank, Plaintiff-Appellant, v. AIR FLORIDA SYSTEM, INC., a Delaware Corporation, et al., Defendants-Appellees. Nos. 84-6280, 85-6327. United States Court of Appeals, Ninth Circuit. Argued and Submitted June 5, 1986. Decided July 17, 1987. As Amended on Denial of Rehearing and Rehearing En Banc Sept. 22, 1987. Elliot L. Bien, San Francisco, Cal., and E. Whitney Drake, Washington, D.C., for plaintiffs-appellants. Ralph Zarefsky, Los Angeles, Cal., and Patrick C. Shea, San Diego, Cal., for defendants-appellees. Appeal from the United States District Court for the Southern District of California. Before GOODWIN, TANG and FLETCHER, Circuit Judges. FLETCHER, Circuit Judge. 1 The FDIC appeals a judgment refusing to rescind its contract with Air Florida and enforcing an arbitration award in Air Florida's favor. We reverse in…