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The Bankruptcy Hotline
Debtor Does Not Have a Property Interest in D&O Policy
The District Court for the Southern District of New York has ruled that the proceeds of the Directors' and Officers' insurance policy covering legal expenses of the Rigas family and Adelphia Communications Corp. officers is not an asset of the bankrupt company. In re Adelphia Communications Corp., No. 03-06946 (August 25).
Four members of the Rigas family were charged with multiple counts of corporate fraud in managing the communications company and applied for $300,000 each in legal defense costs under Adelphia's D & O policy. The bankruptcy court found that these proceeds were an asset of Adelphia, and that litigation over them was subject to the automatic stay until after the criminal prosecution against the Rigas family was complete. On appeal, the district court reversed, finding that the bankruptcy court incorrectly held that litigation over the insurance proceeds was subject to an automatic stay under ' 362(a)(3), but that the bankruptcy court could extend a stay if additional evidence was presented.
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