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IN RE IMPERIAL CORP. OF AMERICA

Bankruptcy No. 90-01585-LM11, Adv. P. 90-90369-A11.

144 B.R. 115 (1992)

In re IMPERIAL CORPORATION OF AMERICA, a Delaware corporation, Debtor. IMPERIAL CORPORATION OF AMERICA, a Delaware corporation, Plaintiff, v. MILBERG, WEISS, BERSHAD, SPECTHRIE & LERACH, etc., et al., Defendants.

United States Bankruptcy Court, S.D. California.

August 18, 1992.

Attorney(s) appearing for the Case

Patrick C. Shea, Sue J. Hodges, Lori Partrick, Pillsbury, Madison & Sutro, San Diego, Cal., for plaintiff, Imperial Corp. of America.

Ronald L. Leibow, Stroock, Stroock & Lavan, Michael H. Weiss, Weiss, Scolney & Spees, Los Angeles, Cal., for Ronald L. Durkin, trustee of The Benchmark Irrevocable Trust.

James P. Hill, Susan E.H. Ragsdale, Sullivan, Hill, Lewin & Markham, San Diego, Cal., for defendants Milberg, Weiss, Bershad, Spechthrie & Lerach; Greenfield & Chimicles; Barrack, Rodos & Bacine; Clemens, Glassman and Clemens; Berger & Montague, P.S.; Sirota & Sirota; Stull, Stull & Brody; Goodkind, Labaton & Rudoff; and Schiffrin & Craig, Ltd.

MEMORANDUM DECISION

LOUISE DeCARL ADLER, Bankruptcy Judge.

Defendants Milberg, Weiss, et al., bring a motion to dismiss or, in the alternative, for summary judgment in Imperial Corporation of America's ("ICA") complaint to avoid and recover preferential transfers pursuant to 11 U.S.C. §§ 547 and 550. At issue is whether a settlement of a securities class action and derivative suit for $13 million within 90 days of the filing of ICA's bankruptcy...

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