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RESOLUTION TRUST CORP. v. FEFFER

June 4, 1992

RESOLUTION TRUST CORPORATION, Plaintiff,
v.
RALPH FEFFER, JR., et al., Defendants.



The opinion of the court was delivered by: JOYCE HENS GREEN

MEMORANDUM OPINION AND ORDER

 The Resolution Trust Corporation ("RTC") has petitioned the Court for expedited summary enforcement of eight subpoenas duces tecum served upon Ralph Feffer, Jr., Robert Amos, Leonard Goldman, Edward Janos, Gregory Janos, Lincoln J. Ragsdale, John Schroeder, and Milan Srnka, former directors and officers of Sun State Savings and Loan Association ("Sun State"), a failed savings association. *fn1" Having considered the arguments raised in the parties' pleadings and at a hearing held on June 4, 1992, RTC's petition is denied.

 I. BACKGROUND

 A. Statutory Background

 In response to the savings and loan crisis, Congress enacted the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ("FIRREA"), which created the RTC and granted it broad powers and duties. Specifically, Congress conferred upon the RTC much of the authority afforded the Federal Deposit Insurance Corporation ("FDIC"), including conservatorship and receivership powers and the right to issue subpoenas. See 12 U.S.C. § 1818(n). In fulfilling its broad functions, the RTC is specifically instructed:

 To conduct the operations of the Corporation in a manner which --

 (i) maximizes the net present value return from the sale or other disposition of institutions described in subparagraph (A) or the assets of such institutions;

 (ii) minimizes the impact of such transactions on local real estate and financial markets;

 (iii) makes efficient use of funds obtained from the Funding Corporation or from the Treasury;

 (iv) minimizes the amount of any loss realized in the resolution of cases; and

 (v) maximizes the preservation of the availability and affordability of residential real property for low- and moderate-income individuals.

 12 U.S.C. § 1441a(b)(3)(C).

 B. Factual Background

 The Federal Savings and Loan Insurance Corporation was appointed receiver for Sun State, and the RTC subsequently became receiver for Sun State Savings and Loan Association, FSA, the successor institution to Sun State. In its capacity as receiver, the RTC is conducting an investigation into possible claims against respondents for alleged misconduct. Although the RTC has never accused respondents of ...


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