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CLIFFORD v. CONCORD INSURANCE CO.

114 N.J. Super. 495 (1971)

277 A.2d 400

ROBERT L. CLIFFORD, COMMISSIONER OF INSURANCE OF THE STATE OF NEW JERSEY, PLAINTIFF-RESPONDENT, v. CONCORD INSURANCE COMPANY, A NEW JERSEY INSURANCE CORPORATION, DEFENDANT-APPELLANT.

Superior Court of New Jersey, Appellate Division.

Decided April 28, 1971.

Attorney(s) appearing for the Case

Mr. William J. O'Shaughnessy argued the cause for appellant (Messrs. Clapp & Eisenberg, attorneys).

Mr. Theodore A. Winard, Deputy Attorney General, argued the cause for respondent (Mr. George F. Kugler, Jr., Attorney General of New Jersey, attorney).

Before Judges SULLIVAN, COLLESTER and LABRECQUE.

The opinion of the Court was delivered by SULLIVAN, P.J.A.D.

This appeal involves a proposal to partially rehabilitate the Concord Insurance Company which has been previously deemed to be insolvent and is about to be liquidated under the supervision and control of the Commissioner of Insurance. N.J.S.A. 17:30-1 et seq. The proponents of the proposal are the present stockholders of Concord.

In substance, the proposal, which was originally submitted...

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