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MIZUHO CORPORATE BANK (USA) v. CORY & ASSOCIATES, INC.

Nos. 02-1126, 02-1210.

341 F.3d 644 (2003)

MIZUHO CORPORATE BANK (USA), Plaintiff-Appellee, v. CORY & ASSOCIATES, INC., Defendant-Third Party Plaintiff-Cross-Appellant, v. Swett & Crawford of Illinois, Inc. (f/ k/a Insurance Brokers Service, Inc.), Third-Party Defendant-Appellant, v. Travelers Indemnity Company, Third-Party Defendant-Cross-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided August 29, 2003.

Attorney(s) appearing for the Case

Frank H. Penski, Nixon & Peabody, New York, NY, for Plaintiff-Appellee/Plaintiff.

James N. Nowacki, Kirkland & Ellis, Chicago, IL for Defendant-Appellant.

Mitchell A. Orpett, Tribler, Orpett & Meyer, Chicago, IL, for Defendant-Appellee.

Marc D. Fisher, Chicago, IL, for Defendant.

Peter E. Kanaris, Daar, Fisher, Kanaris & Vanek, Chicago, IL, for Defendant-Appellee.

Before BAUER, DIANE P. WOOD, and WILLIAMS, Circuit Judges.

DIANE P. WOOD, Circuit Judge.

Insurance is meant to cushion the blow caused by a disaster; it is supposed to be part of the solution, not part of the problem. In this case, however, the contest is over who was responsible for inadequacies in the insurance policy itself, and who must bear the uncovered losses. In general terms, this litigation arose out of the bankruptcy proceeding of the under-insured party, Cyberstar and Caribbean Communications (CCC). One of CCC...

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