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IN RE DOWNEY FINANCIAL CORP.

No. 08-13041 (CSS).

428 B.R. 595 (2010)

In re DOWNEY FINANCIAL CORP., Debtor.

United States Bankruptcy Court, D. Delaware.

May 7, 2010.

Attorney(s) appearing for the Case

Cross & Simon LLC, Christopher P. Simon, Wilmington, DE, Lowenstein Sandler PC, Michael S. Etkin, Ira M. Levee, Roseland, NJ, Coughlin Stoia Geller Rudman & Robbins LLP, Willow E. Radcliffe, Eli R. Greenstein, San Francisco, CA, Stacey M. Kaplan, Los Angeles, CA, Lead Counsel for Lead Plaintiff and the Putative Class.

Fox Rothschild LLP, Sheldon K. Rennie, Wilmington, DE, Michael G. Menkowitz, William H. Stassen (Argued), Philadelphia, PA, Raymond M. Patella, Atlantic City, NJ, for Montague S. Claybrook Chapter 7 Trustee for the Estate of Downey Financial.

Ashby & Geddes, William P. Bowden, Stacy L. Newman, Wilmington, DE, Morrison & Foerster LLP, Melvin R. Goldman, Adam A. Lewis (Argued), San Francisco, CA, Dan Marmalefsky (Argued), James Oliva, Los Angeles, CA, for defendants Maurice L. McAlister, Daniel D. Rosenthal, Brian E. Côté, Michael B. Abrahams, Michael D. Bozarth, Gary W. Brummett, James H. Hunter, G. Brent McQuarrie, Lester C. Smull, Jane Wolfe and Cheryl E. Olson.

Draper & Goldberg, PLLC, Brian Arban, Adam Hiller, Michelle Berkeley-Ayres, Wilmington, DE, Otterbourg Steindler, Houston & Rosen, P.C., Williams M. Silverman, Melanie L. Cyganowski (Argued), Jeffrey K. Cymbler, New York, NY, for Federal Deposit Insurance Corporation.

OPINION1

CHRISTOPHER J. SONTCHI, Bankruptcy Judge.

INTRODUCTION

The first issue before the Court is whether the proceeds of a directors and officers (D & O) liability insurance policy are property of the estate. If the policy proceeds are property of the estate, the Court must decide: (1) whether cause exists to lift the automatic stay to allow the insured directors and officers to access the...

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