In a bankruptcy adversary proceeding by former officers of the Debtor for indemnification in an underlying action for breach of fiduciary duty, the dismissal of the complaint is affirmed where the "insured versus insured" exclusion in the relevant policies barred coverage, because a post-bankruptcy debtor in possession acts in the same capacity as the pre-bankruptcy debtor for the purpose of directors and officers liability insurance.
Read Biltmore Assocs., LLC v. Twin City Fire Ins. Co., No. 06-16417
Appellate Information
Argued and Submitted May 15, 2008
Filed July 10, 2009
Judges
Opinion by Judge Kleinfeld
Counsel
For Appellant:
Andrew S. Jacob, Shughart Thompson & Kilroy, P.C., Phoenix, AZ
For Appellee:
Michael F. Perlis, Stroock & Stroock & Lavan LLP, Los Angeles, CA
