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IN RE SRC HOLDING CORP.

Nos. 07-1327, 07-1335.

545 F.3d 661 (2008)

In re SRC HOLDING CORP., formerly known as Miller & Schroeder, Inc., and its subsidiaries, Debtor. Brian F. Leonard, Trustee, Appellee, v. Executive Risk Indemnity, Inc., Appellant. The Marshall Group; Jerome A. Tabolich; James E. Iverson; Edward J. Hentges; Kenneth R. Larsen; Steven W. Erickson; Paul R. Ekholm; Mary Jo Brenden; John M. Clarey; Kenneth W. Dawkins; Joseph K. Halloran, Intervenors below-Appellees.

United States Court of Appeals, Eighth Circuit.

Filed: October 27, 2008.

Attorney(s) appearing for the Case

David H. Topol, argued, Washington, D.C. (Gary P. Seligman, on the brief, John M. Anderson, Charles E. Lundberg, Melissa C. Gregory, on the brief, Minneapolis, MN), for appellant.

Thomas Charles Atmore, argued, Minneapolis, MN for appellee Brian Leonard.

Kirk O. Kolbo, argued, Minneapolis, MN, (Matthew P. Lewis, Michael C. McCarthy, on the brief), for appellees, Marshall Group, Edward J. Hentges, Jerome A. Tabolich, James E. Iverson, Kenneth R. Larsen, Steven W. Erickson.

(Gregory Johnson and Leslie J. Adam, St. Paul, MN, on the brief), for appellees John M. Clarey, Jr., Kenneth E. Dawkins, and Joseph K. Hollaran.

Before MURPHY, HANSEN, and GRUENDER, Circuit Judges.

HANSEN, Circuit Judge.

In these appeals, appellant Executive Risk Indemnity, Inc. (ERII) challenges the district court's insurance-coverage determination. Because we conclude that the district court erred in interpreting the parties' insurance policy, we reverse.

I.

Miller & Schroeder, Inc. (M & S) was a securities underwriter and securities broker that primarily conducted business in Minnesota. In 1997, MI Acquisition Corporation (MI) acquired...

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