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UNUM CORP. v. U.S.

No. 96-1877.

130 F.3d 501 (1997)

UNUM CORPORATION and UNUM Life Insurance Company of America, Plaintiff-Appellant, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, First Circuit.

Decided December 2, 1997.

Attorney(s) appearing for the Case

William J. Kayatta, Jr., with whom Jared S. des Rosiers, Pierce Atwood, Barbara H. Furey, Barry W. Larman, Portland, ME, and UNUM Corporation and UNUM Life Insurance Company of America were on brief, for appellant.

Edward T. Perelmuter, Tax Division, Department of Justice, with whom Loretta C. Argrett, Assistant Attorney General, and David I. Pincus, Tax Division, Department of Justice, were on brief, for appellee.

Before TORRUELLA, Chief Judge, ALDRICH, Senior Circuit Judge, and LYNCH, Circuit Judge.

LYNCH, Circuit Judge.

The need to raise capital and to compete in increasingly diversified financial markets has led a number of American mutual life insurance companies to convert to being stock companies. This process, known as "demutualization," often involves a conversion of the mutual policyholders' ownership interest in the old company into ownership interest in the form of stock in the new company.

This appeal raises important questions about the proper...

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