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IN THE MATTER OF MODERN SETTINGS, INC.

Bankruptcy No. 086-60030.

74 B.R. 358 (1987)

In the Matter of MODERN SETTINGS, INC., Debtor.

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

May 28, 1987.

Attorney(s) appearing for the Case

C. Steven Hackeling, Huntington, N.Y., trustee.

Pinks, Brooks, Stern & Arbeit, Hauppauge, N.Y., for trustee.

Nachamie, Kirschner, Levine & Spizz, P.C., New York City, for Modern Settings, Inc.

Jaffe and Asher, New York City, for Bialystock & Bloom Productions, Inc.

DECISION

MARVIN A. HOLLAND, Bankruptcy Judge:

The debtor, Modern Settings, Inc., sustained a $5,364,674 burglary loss over the Memorial Day weekend of 1982. The debtor's insurers, First State Insurance Company and Federal Insurance Company (collectively referred to as "insurers") paid to the debtor the sum of $3,875,000 and commenced an action in the name of the insured debtor in the Supreme Court, State of New York, County of New York against A.D.T. Company...

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