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MBIA INS. CORP. v. ROYAL INDEM. CO.

Nos. CIV.A.02-1294 JJF, CIV.A.02-1361 JJF.

312 F.Supp.2d 583 (2004)

MBIA INSURANCE CORPORATION and Wells Fargo Bank Minnesota, N.A. as Trustee of SFC Grantor Trust, Series 2000-1, SFC Grantor Trust, Series 2000-2, SFC Grantor Trust, Series 2000-3, SFC Grantor Trust, Series 2000-4, SFC Grantor Trust, Series 2001-1, SFC Grantor Trust, Series 2001-2, SFC Grantor Trust, Series 2001-3, and SFC Grantor Trust Series 2001-I, Plaintiffs, v. ROYAL INDEMNITY COMPANY, Defendant. v. PNC Bank, N.A., et al., Third-Party Defendants PNC Bank, N.A., in its capacity as Deal Agent and Collateral Agent for itself, PNC Bank, Delaware and Fleet National Bank, as Lenders, Counterclaim Plaintiff v. Royal Indemnity Company, Counterclaim Defendant. Wilmington Trust of Pennsylvania Plaintiff, v. Royal Indemnity Company, Defendant.

United States District Court, D. Delaware.

March 26, 2004.

Attorney(s) appearing for the Case

Kevin R. Shannon, Esquire and John M. Seaman, Esquire of Potter Anderson & Corroon LLP, Wilmington, DE, Of Counsel: David H. Pittinsky, Esquire and Lawrence D. Berger, Esquire of Ballard Spahr Andrews & Ingersoll, LLP, Philadelphia, PA, for Third-Party Defendant and Counterclaim Plaintiff PNC Bank, N.A.

Joseph H. Huston, Jr., Esquire and Thomas G. Whalen, Jr., Esquire of Stevens & Lee, P.C., Wilmington, DE, Of Counsel: Joseph W. Fullem, Esquire and Joel Max Eads, Esquire of Kittredge, Donley, Elson Fullem & Embick, LLP, Philadelphia, PA, for Plaintiff Wilmington Trust of Pennsylvania.

Lawrence C. Ashby, Esquire, Philip Trainer, Jr., Esquire, and Tiffany L. Geyer, Esquire of Ashby & Geddes, Wilmington, DE, Of Counsel: Michael H. Barr, Esquire, Kenneth J. Pfaehler, Esquire, and Lisa A. MacVittie, Esquire of Sonnenschein Nath & Rosenthal, New York City, for Counterclaim Defendant and Defendant Royal Indemnity Company.

OPINION

FARNAN, District Judge.

Pending before the Court are Motions for Partial Summary Judgment filed by the Third-Party Defendant and Counterclaim Plaintiff PNC Bank, N.A. ("PNC") (D.I. 110 in C.A. No. 02-1294 JJF) and Plaintiff Wilmington Trust Of Pennsylvania ("Wilmington Trust"). (D.I. 29 in C.A. No. 02-1361 JJF.) For the reasons discussed, the Motions will be granted.

BACKGROUND

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