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IN RE PEARL-WICK CORP.

Bankruptcy No. 81 B 10295, Adv. No. 81 5043A.

15 B.R. 143 (1981)

In re PEARL-WICK CORPORATION, Debtor. PEARL-WICK CORPORATION, Plaintiff, v. JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY, Defendant. JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY, Defendant and Interpleading Plaintiff, v. SUSWOL HOLDING CORPORATION, Masada Industries, Inc., Sandra Rand, Carol Sussberg, et al., Interpleaded Defendants.

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

October 30, 1981.

Attorney(s) appearing for the Case

Angel & Frankel, New York City, for debtor; Eric S. Brown, Bruce Frankel, New York City, of counsel.

Shapiro, Shiff, Beilly, Rosenberg & Fox, New York City, for defendants, Sandra Rand and others; Roy J. Karlin, New York City, of counsel.

Townley & Updike, New York City, for defendant and interpleading plaintiff John Hancock Mutual Life Insurance Co.; Terence J. Lynch, New York City, of counsel.

DECISION ON MOTION AND CROSS MOTION FOR SUMMARY JUDGMENT

BURTON R. LIFLAND, Bankruptcy Judge.

At issue is the disposition of death benefit proceeds of a life insurance policy. Rivals for entitlement are the debtor and the prior owners of the debtor's corporate parent. The essential and controlling facts are not in dispute. Resolution of the contest requires an analysis of a certain clause in a stock purchase and sale agreement to determine whether the clause...

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