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CORNFELD v. INVESTORS OVERSEAS SERVICES, LTD.

78 Civ. 4806 (HFW).

471 F.Supp. 1255 (1979)

Bernard CORNFELD, Plaintiff, v. INVESTORS OVERSEAS SERVICES, LTD., Defendant.

United States District Court, S. D. New York.

May 22, 1979.

Attorney(s) appearing for the Case

Kalman & Kaufman, P. C., New York City, for plaintiff; Edwin Kaufman, New York City, of counsel.

Wachtell, Lipton, Rosen & Katz, New York City, for the court-appointed co-liquidators of defendant I.O.S., Ltd.; Herbert M. Wachtell, Michael W. Schwartz, Theodore N. Mirvis, New York City, of counsel.

Securities and Exchange Commission, Washington, D. C., amicus curiae; Jacob H. Stillman, Associate General Counsel, James E. Bowers, Special Counsel, Washington, D. C., Marvin E. Jacob, Associate Regional Administrator, New York City.

OPINION

WERKER, District Judge.

This indemnity action was commenced by the plaintiff Bernard Cornfeld against the defendant I.O.S., Ltd. ("IOS"), sued herein as Investors Overseas Services, Ltd., for the recovery of litigation expenses purportedly incurred by Cornfeld in his capacity as a former officer and director of IOS and an IOS-related entity. IOS, represented by its court-appointed co-liquidators and their attorneys, presently moves to dismiss or...

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