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Under §8.3, the Trust is to give Continental a proposal for the payment of the “allocated percentage” of the liquidated value of the claims the Trust contends Continental is responsible.The Trust is also to provide the structure and deadlines for Continental to accept or reject any such proposals.During the course of the bankruptcy procedures, the Debtors negotiated “buyback” settlements with three of their primary insurance carriers for approximately .5 million.The Debtors did not reach a “buyback” settlement with Continental, their only other primary insurance carrier.The court also noted that Continental was aware of the terms of the other primary insurer settlements and their potential effect on Continental’s equitable contribution rights and could have insisted on language in the Plan to require the Trust to conduct such an equitable contribution analysis.
The Trustee for CFB/WFB Liquidating Trust (the “Trust”) filed a complaint against Continental Casualty Company (“Continental”) seeking damages for breach of contract and declaratory relief regarding the interpretation of the Joint Chapter 11 Plan of debtors CFB Liquidating Corporation and WFB Liquidating Corporation (the “Plan” and “Debtors”).Approves 100% Allocation to Non-Settling Insurer and Denies Equitable Contribution against Settling Insurers The Bankruptcy Court for the Northern District of California, applying Illinois law, denied an insurer’s motion for summary judgment finding the insurer’s interpretation of the bankruptcy plan incorrect.The court held that an “allocated percentage” of 100% is a valid allocation and that there was no basis to require an equitable contribution analysis before the Trust could allocate to the only primary insurer that did not settle prior to the debtors entering the bankruptcy plan.Lincoln General discontinued writing new business on February 9, 2009.It specialized in providing property and casualty insurance products to the transportation industry.
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Continental filed its motion for summary judgment in opposition to the proposals and argued that by proposing an “allocated percentage” of 100% of the liquidated value of the claims, the Trust is trying to hold Continental liable for more than its fair share of each claim.