JACOBS, Circuit Judge: In 1988, Maryland National Bank (“MNB”) financed a real estate venture for the conversion of several New York City apartment buildings to cooperative or condominium ownership, and sold participations in that $35 million mortgage loan to other banks. A $10 million participation was sold to BAII Banking Corporation (“BAII”), an American subsidiary of Banque Arabe et Internationale D’lnvestissement (“Banq…
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