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MURRAY v. EMPIRE INS. CO.

175 A.D.2d 693 (1991)

Dennis E. Murray et al., Plaintiffs, and Joanne Shaughnessy, Intervenor-Respondent, v. Empire Insurance Co. et al., Appellants Ernesto R. Darquea et al., Respondents, v. Empire Insurance Co. et al., Appellants

Appellate Division of the Supreme Court of the State of New York, First Department.

August 1, 1991

These consolidated appeals are taken from two orders entered by two different Judges in the context of a proposed class action. The plaintiffs seek damages alleged to have resulted from three transactions involved in an effort to restructure defendant Empire Insurance Co., which was then insolvent. In 1980, defendant Phlcorp, Inc. provided $25 million in new capital in exchange for a surplus note that was converted to 77% of Empire...

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