IN RE CRAGWOOD MANAGERS, L.L.C. (RELIANCE INS.) v. RELIANCE INS. CO.

No. 00 CIV 9314 LLS.

132 F.Supp.2d 285 (2001)

In the Matter of the Arbitration Between CRAGWOOD MANAGERS, L.L.C., Petitioner, and RELIANCE INSURANCE COMPANY, Respondent.

United States District Court, S.D. New York.

February 26, 2001.


Attorney(s) appearing for the Case

Shearman & Sterling, New York City (Henry Weisberg, Brian H. Polovoy, Mark S. McNeill, of counsel), Broderick, Stirn & Regan, Washington, DC (Richard P. Regan, of counsel), for Petitioner.

Paul, Weiss, Rifkind, Wharton & Garrison, New York City (Brad S. Karp, Claudia L. Hammerman, of counsel), for Respondent.


OPINION AND ORDER

STANTON, District Judge.

Petitioner Cragwood Managers, L.L.C. ("Cragwood") moves pursuant to Section 10 of the Federal Arbitration Act to vacate or modify an interim arbitration award1 requiring it to post a $4 million bond payable to Respondent Reliance Insurance Company ("Reliance") to secure a portion of Reliance's counterclaims. Reliance cross-moves to confirm the arbitration award.

It is evident...

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