Rehearing and Rehearing En Banc Denied December 17, 2002.
EASTERBROOK, Circuit Judge.
Principal Life Insurance Co. converted from mutual to stock form in 2001. Although the insurer itself had converted in 1998, it became a wholly owned subsidiary of Principal Mutual Holding Co., which remained a mutual. This left the policyholders with voting control and the right to receive any surplus should the insurer liquidate, but it saddled the firm with a major drawback...
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