IN THE MATTER OF THE LIQUIDATION OF INTEGRITY INSURANCE COMPANY. KENNETH D. MERIN, COMMISSIONER OF INSURANCE OF THE STATE OF NEW JERSEY, AND HIS SUCCESSORS AS COMMISSIONERS OF INSURANCE OF THE STATE OF NEW JERSEY, IN HIS CAPACITY AS LIQUIDATOR OF INTEGRITY INSURANCE COMPANY, PLAINTIFF-RESPONDENT, AND CLARK EQUIPMENT COMPANY, A DELAWARE CORPORATION, INTERVENOR-PLAINTIFF,
v.
YEGEN HOLDINGS CORP., F/K/A YEGEN ASSOCIATES, INC., A NEW JERSEY CORPORATION, THE INTEGRITY FINANCIAL GROUP, INC. F/K/A THE INTEGRITY GROUP, INC., A NEW JERSEY CORPORATION, CHRISTIAN C. YEGEN, LAWRENCE E. STERN, EUGENE M. MCGEE, JR., IRWIN S. MARKOWITZ, CAROL LERER, JASON W. SEMEL, JOHN W. NOLAN, W. SHELLMAN MORSE, ROBERT W. STUBBS, ROBERT E. DENNIS, SAM L. MONK, JAMES P. MURPHY, BRIAN S. FRISCH, LAURA C. TALBOTT, RICHARD J. SVOBODA, HENRY C. SAVINO, BRADLEY D. WILEY, WILLIAM R. FISHER, JR., ALBERT L. WEISS, ARTHUR S. NICHOLAS, LEANDRO S. GALBAN, JR., MALLORY FACTOR, ROBERT J. LOCKHART, KENNETH R. MACLEOD, JOEL H. SCHLEIFSTEIN, AND TOUCHE ROSS & COMPANY, A NEW YORK PARTNERSHIP, DEFENDANTS-APPELLANTS.
Superior Court of New Jersey, Appellate Division.https://leagle.com/images/logo.png
Argued January 18, 1990.
Decided March 6, 1990.
Attorney(s) appearing for the Case
John J. Francis, Jr., and Mark E. Davidson of the New York bar argued the cause for appellants Touche Ross & Company (Shanley and Fisher, attorneys, Shea and Gould of the New York bar, of counsel and with John J. Francis, on the brief).
Stanley Weiss argued the cause for the remaining appellants (Carpenter, Bennett and Morrissey, attorneys, Stanley Weiss and Thomas J. Lennon, of counsel; LeBoeuf, Lamb, Leiby and MacRae, attorneys, Frederick B. Lacey and Thomas W. Greelish, of counsel; Greenbaum, Rowe, Smith, Ravin, Davis and Bergstein, attorneys, Paul A. Rowe, of counsel; Walter A. Lesnevich, attorney; Gern, Dunetz, Davison, Bortech and Weinstein, attorneys, Ronald L. Davison, of counsel.)
Steven S. Radin argued the cause for respondent Liquidator of Integrity Insurance Company (Sills, Cummis, Zuckerman, Radin, Tishman, Epstein and Gross, attorneys, Steven S. Radin of counsel, Davis J. Howard, Anthony J. Monaco and Shalom D. Stone on the brief).
An amicus curiae brief was filed by the intervenor-plaintiff Clark Equipment Company and by Burlington County, (Riker, Danzig, Scherer and Hyland, attorneys, Shawn L. Kelly, of counsel, Warren J. Martin, Jr., on the brief).
Before Judges DREIER, SCALERA and WEFING.
Superior Court of New Jersey, Appellate Division.
The opinion of the court was delivered by SCALERA, J.A.D.
This case involves the liquidation of Integrity Insurance Company (Integrity) in which the New Jersey Commissioner of Insurance was appointed as Liquidator (Liquidator) pursuant to the provisions of the New Jersey Insurers Liquidation Act (Act), N.J.S.A. 17:30C-1 et seq. In this opinion, we undertake to set forth the extent to which the Liquidator may act in that capacity and to establish the...
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