IN RE PACIFIC STD. LIFE INS. CO.

Docket No. C012977.

9 Cal.App.4th 1197 (1992)

12 Cal. Rptr.2d 50

In re PACIFIC STANDARD LIFE INSURANCE COMPANY in Conservation of Assets. JOHN GARAMENDI, as Insurance Commissioner, etc., Respondent, v. LIFE OF AMERICA INSURANCE COMPANY, Appellant.

Court of Appeals of California, Third District.

September 22, 1992.


Attorney(s) appearing for the Case

COUNSEL

Adams, Duque & Hazeltine, Sidney W. Bishop, Jeffrey L. Fillerup, Lynne K. Dombrowski and Susan M. Hogan for Appellant.

Daniel E. Lungren, Attorney General, Robert L. Mukai, Chief Assistant Attorney General, Timothy G. Laddish, Assistant Attorney General, James B. Cuneo, Lawrence K. Keethe and Steven J. Green, Deputy Attorneys General, and John D. Schell, Acting Deputy Attorney General, for Defendant and Respondent.


OPINION

NICHOLSON, J.

After the superior court appointed the Insurance Commissioner as conservator of a financially troubled insurance company, Life of America Insurance Company (LOA) offered to buy a major asset of the conservatorship estate. However, the court instead authorized sale of the asset to another buyer on terms more profitable to the estate than LOA's offer.

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