MEMORANDUM AND ORDER
NOCE, United States Magistrate Judge.
This action is before the court on the motion of defendant Travelers Casualty & Surety Company of America (Travelers) to dismiss or, in the alternative, to stay. The parties have consented to the exercise of plenary authority by the undersigned United States Magistrate Judge pursuant to 28 U.S.C. § 636(c). Oral argument was heard on February 27, 2003.
I. BACKGROUND
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