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IN RE QUANTUM DEVELOPMENT CORPORATION

Bankruptcy No. 5/1972.

397 F.Supp. 329 (1975)

In re QUANTUM DEVELOPMENT CORPORATION, Bankrupt. AMERICAN FIDELITY FIRE INSURANCE COMPANY, Plaintiff, v. Charles JOY, Receiver, et al., Defendants. Albert C. LANG, Trustee, and American Fidelity Fire Insurance Company, Plaintiffs, v. The BANK OF NOVA SCOTIA, Defendant.

District Court, Virgin Islands, D. St. Croix.

July 24, 1975.

Attorney(s) appearing for the Case

Ellison & Holmes, William T. Holmes, Christiansted, St. Croix, V. I., Leo H. Hirsch, Jr., New York City, N. Y., for American Fidelity Fire Ins. Co.

Isherwood, Colianni, Alkon & Barnard, Christiansted, St. Croix, V. I., James H. Isherwood, Christiansted, St. Croix, V. I., for Bank of Nova Scotia.

Loud & Campbell, Roger Campbell, St. Thomas V. I., Charlotte Amalie, Rosskopf & Dema, Christiansted, St. Croix, V. I., John K. Dema, Christiansted, St. Croix, V. I., for Trustee in Bankruptcy.

MEMORANDUM OPINION AND JUDGMENT

WARREN H. YOUNG, District Judge.

I

BACKGROUND FACTS

Plaintiff American Fidelity Fire Insurance Company ("AFFIC"), Surety of the bankrupt Quantum Development Corporation ("Quantum"), brings this action to recover from the defendants Bank of Nova Scotia ("BNS") and First National City Bank ("Citibank") certain moneys, former bankruptcy funds to which AFFIC has become entitled by subrogation, which were embezzled...

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