Diane M. Hendricks Kenneth A. Hendricks v. Bank of America, N.A., and Mutual Indemnity (Bermuda), Ltd., a Bermuda Corporation

■Mutual Indemnity (Bermuda), Ltd., the defendant in the trial court (Mutual), appeals from a district court order enjoining co-defendant Bank of America, N.A. (Bank) from honoring Mutual’s efforts to draw down on a letter • of credit (LOC) posted by Diane and Kenneth Hendricks, the trial court plaintiffs (the Hendricks). We have jurisdiction to review the district court’s preliminary injunction order pursuant to 28 U.S.C. § 1292 (a)(1), and we affirm.

I.

The Hendricks own American Patriot Insurance Agency, Inc. (American Patriot), a company that specializes in providing insurance products to roofing contractors. In early 1997, the Hendricks established a commercial insurance program for workers compensation and other insurance coverages with underwriting assistance from Mutual Risk Management and its subsidiaries: Mutual, Legion Insurance Company, Commonwealth Risk Services, L.P., and Villanova Insurance Company (collectively, the Mutual Entities). Several contracts govern the relationship between American Patriot and the Mutual Entities, but only one is directly relevant here: a “shareholder agreement,” which entitles the Hendricks to reap certain profits and income generated…