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IN RE FIRST CENT. FINANCIAL CORP.

Bankruptcy No. 198-12848-353. Adversary No. 199-1281-353.

238 B.R. 9 (1999)

In re FIRST CENTRAL FINANCIAL CORP., Debtor. Martin Ochs, as Chapter 7 Trustee of First Central Financial Corp., Plaintiff, v. Sam Lipson, Great American Insurance Companies, Solomon, Zauderer, Ellenhorn, Frischer & Sharp, Martin J. Simon, Saul Erdman, Herbert V. Friedman, Harvey Mass, Joseph P. Ciorciari, Ralph J. Drabkin, Joan M. Locascio, Andrew W. Attivissimo, Harvey S. Jacobs, Louis V. Siracusano, Seymor D. Uslan, Joel I. Dollinger, Allan R. Goodman, Raymond Brancaccio and Louis Gottlieb, Defendants.

United States Bankruptcy Court, E.D. New York.

September 3, 1999.

Attorney(s) appearing for the Case

Whitman Breed Abbott & Morgan, LLP by Norman N. Kinel, Hollace Cohen, Melissa Zelen Neier, New York City, for Chapter 7 Trustee.

Martin Ochs, Ochs & Goldberg, Chapter 7 Trustee, New York City.

Solomon, Zauderer, Ellenhorn, Frischer & Sharp by Harry Frischer, Emily Stern, New York City, for defendant Officers and Directors.

Peterson & Ross by Ivan J. Dolowich, John Collen (on brief), New York City, for Great American Insurance Companies.

Law Offices of J. James Carriero, by J. James Carriero, East Elmhurst, NY, for Sam Lipson.

DECISION ON COMPLAINT FOR DECLARATORY AND INJUNCTIVE RELIEF

JEROME FELLER, Bankruptcy Judge.

I. INTRODUCTION

On June 17, 1999, Martin P. Ochs, the Chapter 7 trustee ("Trustee") instituted the above-captioned adversary proceeding seeking declarative and/or injunctive relief to proscribe any potential distribution of proceeds from a directors' and officers' ("D & O") insurance policy, purchased by First Central Financial Corporation, the...

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