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IN RE NEW VALLEY CORP.

No. 95-5140.

89 F.3d 143 (1996)

In re NEW VALLEY CORPORATION, Debtor, SENIOR EXECUTIVE BENEFIT PLAN PARTICIPANTS; Richard L. Callaghan; Alexander J. Chisholm; W. Lee Elkins; Robert M. Flanagan; Robert F. Garbarini; Arthur A. Garman; Walter Girardin; Delmar Harmon; J. William Harrington; John P. Hunt; John A. Hollansworth; Gerald P. Kent; D.D. Lloyd; Russell W. Mc Fall; John W.R. Pope, Jr.; Herbet Salter, Estate of; Steve Smiszko; Phillip Schneider; Bernard Weitzer v. NEW VALLEY CORPORATION, Senior Executive Benefit Plan Participants and Walter E. Girardin, Alexander J. Chisholm, S.E. Smiszko, John A. Hunt, Arthur Garman, Gerald P. Kent, Delmar Harmon, Robert R. Garbarini, Walter L. Elkins, Walter E. Girardin, Philip Schneider, J. William Harrington, John A. Hollansworth, Bernard Weitzer, John W.R. Pope, Jr., Robert M. Flanagan, Douglas D. Lloyd, H.E. Salter/Barbara Orr Salter, Richard L. Callaghan, and Russell W. McFall, Appellants.

United States Court of Appeals, Third Circuit.

Decided July 15, 1996.

Attorney(s) appearing for the Case

George J. Cotz (argued), Donald W. Reeder, Ramsey, New Jersey, for Appellants.

Myron D. Rumeld (argued), Deidre A. Grossman, Proskauer, Rose, Goetz & Mendelsohn LLP, New York City, Frank Vecchione, Crummy, Del Deo, Dolan, Griffinger & Vecchione Professional Corporation, Newark, New Jersey, for Appellee.

Before: BECKER, ROTH and LEWIS, Circuit Judges.

OPINION OF THE COURT

ROTH, Circuit Judge:

Appellants, participants in two top hat pension plans, filed claims in bankruptcy court seeking benefits after their employer had been declared bankrupt and terminated the plans. The bankruptcy court dismissed their claims, relying on a clause in the plan documents that reserved the company's right to amend or terminate the plans "at any time for any reason." The bankruptcy...

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