TEXAS COMMERCE BANK et al., Plaintiffs and Respondents,
v.
JOHN GARAMENDI, as Insurance Commissioner, etc., et al., Defendants and Appellants; NATIONAL ORGANIZATION OF LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATIONS et al., Interveners and Appellants.
Court of Appeals of California, Second District, Division Four.https://leagle.com/images/logo.png
November 30, 1992.
November 30, 1992.
Attorney(s) appearing for the Case
COUNSEL
Daniel E. Lungren, Attorney General, Edmond B. Mamer, Deputy Attorney General, Rubinstein & Perry, Karl L. Rubinstein and Dana Carli Brooks for Defendants and Appellants.
Parker, Milliken, Clark, O'Hara & Samuelian, Nowland C. Hong, Claire D. Johnson, Michael S. Simon, Hopkins & Sutter, William Carlisle Herbert, Pachulski, Stang, Ziehl & Young, Larry W. Gabriel, Brobeck, Phleger & Harrison, David M. Higgins, Robert L. Hagle and Kent M. Roger for Interveners and Appellants.
Seyfarth, Shaw, Fairweather & Geraldson, Jeffrey Anne Tatum, Debevoise & Plimpton, Daniel G. Murphy and Andrea Oser as Amici Curiae on behalf of Interveners and Appellants.
Pillsbury, Madison & Sutro, Philip S. Warden, John M. Grenfell, Catherine D. Meyer, Kevin M. Fong, Mark Schallert, Robert L. Wallan, Fried, Frank, Harris, Shriver & Jacobson, Jed S. Rakoff, Howard W. Goldstein, Stephen D. Alexander, Manatt, Phelps, Phillips & Kantor, Philip R. Recht, Weinberg & Green, Charles O. Monk II, Arthur F. Fergenson, Sherry H. Flax, Matthew G. Dobson, Adams, Duque & Hazeltine, Catherine Hunt Ruddy, Terry L. Tron, Thelen, Marrin, Johnson & Bridges, Gary Fontana, Christine C. Franklin, Russell L. Allyn, John R. Foot and Allison A. Cheek for Plaintiffs and Respondents.
Dan Morales, Attorney General (Texas), Marc H. Burns, Assistant Attorney General, Kindel & Anderson, Dale S. Fisher, Allan Grossman, Lillick & Charles, Stephen Oroza, John M. Rosenthal, Lawrence N. Minch, Kristine E. Bailey, Bracewell & Patterson, Leonard J. Rubin, Megan P. O'Neill, John J. Gill and Michael F. Crotty as Amici Curiae on behalf of Plaintiffs and Respondents.
Court of Appeals of California, Second District, Division Four.
OPINION
WOODS (A.M.), P.J.
These consolidated appeals arise from judgment entered in seven underlying consolidated actions for declaratory relief.
The judgment determines that purchasers of "Municipal Bond Guaranteed Investment Contracts" (Muni-GICs) from Executive Life Insurance Company (ELIC) in 1986 have preferred class-5 claim priority as insurance "policyholders," rather than class-6 "all other claims priority" in ELIC...
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