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IN RE PEARL-WICK CORP.

No. 81 Civ. 7017 (RWS).

26 B.R. 604 (1982)

In re PEARL-WICK CORPORATION, Debtor. PEARL-WICK CORPORATION, Plaintiff-Appellee, v. JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY, Defendant-Appellee. JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY, Defendant and Interpleading Plaintiff-Appellee, v. SUSWOL HOLDING CORPORATION and Masada Industries, Inc., Interpleaded Defendants-Appellees, and Sandra Rand, Carol Sussberg, Careal Realty Co., Inc., Sandra Rand, as Custodian of Stacey Wolfe, Sandra Rand, as Custodian for Even Wolfe, Sherri Wolfe, Lawrence Sussberg, Ronald Sussberg, Milton Sussberg and Gleitsman's Inc., Interpleaded Defendants-Appellants.

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

February 22, 1982.

Attorney(s) appearing for the Case

Angel & Frankel, P.C., New York City, for plaintiff-appellee; Joshua J. Angel, Bruce Frankel, Eric S. Brown, New York City, of counsel.

Shapiro, Shiff, Billy, Rosenberg & Fox, New York City, for interpleaded defendants-appellants; Abraham L. Shapiro, Roy Karlin, New York City, of counsel.

OPINION

SWEET, District Judge.

Certain preferred shareholders1 (the "preferred shareholders" or the "interpleaded defendants") of Suswol Holding Corporation ("Suswol") have appealed from an order filed October 30, 1981 by the Honorable Burton R. Lifland and have moved for summary judgment directing John Hancock Mutual Life Insurance Company ("Hancock") to pay over to Suswol the $500,000 proceeds of a life insurance policy. The...

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