Court of Appeals for the First Circuit May 31, 2000, 99-60431 (First Trust National Association, as Indenture Trustee v. First National Bank of Commerce)

JERRY E. SMITH, Circuit Judge:

First Trust National Association (“First Trust”) is indenture trustee for a trust the assets of which are proceeds of notes sold by Belle Casinos, Inc. (“BCI”), and Biloxi Casino Belle, Inc. (“BCBI”). Those assets were placed by BCI/BCBI into two escrow accounts to be employed in building two casinos. The casinos ran over budget, and BCI/BCBI filed for bankruptcy.