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IN RE PINTLAR CORP.

No. 96-35586.

124 F.3d 1310 (1997)

In Re: PINTLAR CORPORATION; Gulf USA Corporation, Debtors. PINTLAR CORPORATION; Gulf USA Corporation, Plaintiffs-Appellees, v. FIDELITY AND CASUALTY COMPANY OF NEW YORK; Continental Insurance, Defendants-Appellants.

United States Court of Appeals, Ninth Circuit.

Decided September 26, 1997

Attorney(s) appearing for the Case

Barry R. Ostrager, Simpson Thacher & Bartlett, New York City, for defendants-appellants.

Richard W. Reinthaler, Richard B. Sypher, Dewey Ballantine, New York City, for plaintiffs-appellees.

Before: WRIGHT and SCHROEDER, Circuit Judges, and WILLIAM W SCHWARZER, District Judge.

EUGENE A. WRIGHT, Circuit Judge.

This appeal requires that we consider whether the liability portion of the directors and officers insurance policy at issue is "property of the estate" such that litigation concerning its scope must be stayed during bankruptcy proceedings. We conclude that it is not.

BACKGROUND

Debtors Gulf USA and its subsidiary, Pintlar Corporation (together, "Gulf"), were the subjects of a Chapter 11 involuntary bankruptcy proceeding...

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