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SELCKE v. BOVE

No. 1-92-1510.

629 N.E.2d 747 (1994)

258 Ill. App.3d 932

196 Ill.Dec. 202

Stephen F. SELCKE, Director of Insurance for the State of Illinois, as Liquidator of Pine Top Insurance Company, Plaintiff-Appellant, v. Richard A. BOVE; Frederick G. Emerson; Robert M. Egner; Kenneth H. Hanson; H. Loren Hawley; Glenn G. Herbst; F. Edward Lake; Wayne L. Murray; E. James Noren; Barbara Oliver, as Executrix of the Estate of James Oliver; James J. Vaughan; Paul Watts; and Richard B. Zoller, Defendants-Appellees-Cross-Appellants (Touche Ross & Company; The Whitney Financial Group, Inc.; Terrence S. Cassidy; H. Loren Hawley; and Glenn G. Herbst, Defendants).

Appellate Court of Illinois, First District, Fifth Division.

February 4, 1994.

Attorney(s) appearing for the Case

Robinson, Curley & Clayton, P.C., and Peter G. Gallanis, Office of the Sp. Deputy Receiver, Chicago, for plaintiff-appellant.

Paul V. Esposito and Thomas E. Brabec, Lewis, Overbeck & Furman, Chicago, for appellees and cross-appellants Wayne L. Murray and Paul Watts.

Shayle P. Fox and William Henry Barrett, Fox and Grove, Chtd., Chicago, for appellees and cross-appellants.

No appearance for appellee H. Loren Hawley.

Justice GORDON delivered the opinion of the court:

On January 16, 1987, the Pine Top Insurance Company (Pine Top), an Illinois property and casualty insurer was declared insolvent. In June 1988, the Illinois Director of Insurance, the plaintiff in this action, brought suit on behalf of Pine Top's policyholders and creditors against Touche Ross & Co., The Whitney Financial Group and 23 individuals who served as directors and/or officers of Pine Top in the 1970...

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