Donicker Corporation v. Pittsburgh National Bank

43 F.3d 1478 NOTICE: Ninth Circuit Rule 36-3 provides that dispositions other than opinions or orders designated for publication are not precedential and should not be cited except when relevant under the doctrines of law of the case, res judicata, or collateral estoppel. DONICKER CORPORATION, Plaintiff-Appellee, v. PITTSBURGH NATIONAL BANK, Defendant-Appellant. No. 91-16936. United States Court of Appeals, Ninth Circuit. Argued and Submitted June 15, 1993. Decided Nov. 9, 1994. Before: FAIRCHILD, * BEEZER and WIGGINS, Circuit Judges. 1 MEMORANDUM ** OVERVIEW I. Factual and Procedural Background 2 This appeal arises from a construction project of an apartment complex in Guam to be known as "Iberia Apartments." Donicker Corporation, the developer, financed this project by borrowing the proceeds of bonds issued by the Guam Economic Development Authority ("GEDA"). John Holbrook was the principal stockholder and executive of Donicker. Pittsburgh National Bank ("PNB") was the Trustee of the bond issue, responsible for making disbursements of the bond proceeds under the terms of a Loan Agreement with Donicker and related loan documents. 3 The Loan Agreement was signed in February, 1987,…