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IN MATTER OF REHAB. OF MUT. BEN. LIFE INS. CO.

297 N.J. Super. 179 (1997)

IN THE MATTER OF THE REHABILITATION OF MUTUAL BENEFIT LIFE INSURANCE COMPANY, A MUTUAL INSURANCE COMPANY OF NEW JERSEY.

Superior Court of New Jersey, Appellate Division.

Decided February 4, 1997.

Attorney(s) appearing for the Case

Joseph J. Fleischman, argued the cause for cross-appellant California Institute of Technology (Hannoch Weisman, attorneys; Mr. Fleischman, on the brief).

Cross-appellant Edward H. Greenberg filed a pro se brief.

Steven R. Klein, argued the cause for cross-respondent Elizabeth Randall, Rehabilitator of Mutual Benefit Life Insurance Company (Peter Verniero, Attorney General, attorney; Cole, Schotz, Meisel, Forman & Leonard, Special Counsel; Cadwalader, Wickersham & Taft, Special Counsel; Joseph L. Yannotti, Assistant Attorney General, Michael S. Meisel, and Mark C. Ellenberg, of counsel and on the brief; Sharon M. Hallanan, Deputy Attorney General, David M. Kohane, Peter M. Dodson, Joseph A. Rutigliano, Jr., Wendy F. Klein, and Mr. Klein, on the brief).

Before Judges MUIR, Jr., KLEINER and COBURN.

The decision of the court was delivered by MUIR, Jr., J.A.D.

This appeal is one discrete facet of the extensive litigation emanating from the potential insolvency of Mutual Benefit Life Insurance Company (MBL). Confronted with a drastic reduction in capital surplus created by poor quality investments and over-concentration in real estate assets that experienced precipitous declines, MBL's Board of Directors consented to MBL's takeover by the Commissioner of Insurance...

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