In Re Allied Digital Technologies, Corp.

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that where an insurance policy provides exclusive coverage to directors and officers, courts have generally held that the proceeds are not property of the estate
• emphasizing that the policy only provides indemnification coverage to the extent that the debtor “has indemnified the Directors and Officers of such Loss....”
• finding that the Trustee had made no credible showing that the direct coverage under the policy had any continuing vitality
• stating that whether proceeds of directors and officers’ policies are property of the estate is “controlled by the language and scope of the policy at issue”
• stating that the cases examining whether the proceeds of D & O policies are property of the estate “are controlled by the language and scope of the policy at issue not by broad, general statements”
• authorizing the payment of defense costs under a D & 0 Policy over the objection of a trustee who sought to preserve policy proceeds to satisfy his own claims against the insureds

Source: CourtListener parenthetical corpus (CC0).