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PEOPLE EX REL. SCHACHT v. MAIN INSUR. CO.

No. 82-2281.

114 Ill. App.3d 334 (1983)

448 N.E.2d 950

THE PEOPLE ex rel. JAMES W. SCHACHT, Acting Director of Insurance as Rehabilitator for Main Insurance Company, Plaintiff-Appellee, v. MAIN INSURANCE COMPANY et al., Defendants-Appellants.

Appellate Court of Illinois — First District (4th Division).

Opinion filed April 21, 1983.

Attorney(s) appearing for the Case

Howard E. Gilbert, Michael D. Richman, and Herman, Tannebaum, Levine & Gilbert, all of Chicago, for appellants.

Jeremiah Marsh, Michael Schneiderman, Michael M. Conway, and Mary K. Butler, all of Hopkins & Sutter, of Chicago, for appellee.

Reversed and remanded.

PRESIDING JUSTICE ROMITI delivered the opinion of the court:

In 1977, the Illinois Director of Insurance took over the assets of Main Insurance Company under a court order of rehabilitation. In 1980 the Director filed for liquidation. Attorneys who had acted for Main's shareholder were appointed by the court to defend Main. After trial the trial court initially denied the petition for liquidation; later it reversed itself and granted...

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