IN RE DONALD SHELDON & CO., INC.

No. 94 Civ. 8336 (LAK).

186 B.R. 364 (1995)

In re DONALD SHELDON & CO., INC., Debtor. FEDERAL INSURANCE COMPANY, Plaintiff-Appellee-Cross Appellant, v. Donald T. SHELDON, and Mary Schad, Defendants, Don L. Horowitz, Trustee for the Liquidation of Donald Sheldon & Co., Inc., Defendant-Appellant-Cross Appellee.

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

September 6, 1995.


Attorney(s) appearing for the Case

John W. Schryber, Jay G. Strum, Kaye, Scholer, Fierman, Hays & Handler, New York City, for appellant-cross appellee.

Glen Feinberg, Nina Cangiano, Harold J. Moskowitz, Wilson, Elser, Moskowitz, Edelman & Dicker, New York City, for appellee-cross appellant.


OPINION

KAPLAN, District Judge.

Mary Schad and Donald Sheldon, both former directors of Debtor Donald Sheldon & Co. ("DSCO"), were found liable to the Debtor in the amount of $16 million in an adversary proceeding for breaches of their fiduciary duty. The Debtor's Trustee brought a second adversary proceeding against Federal Insurance Company ("Federal") to recover the liability of Sheldon and Schad pursuant...

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