Rapid-American Says Insurance Policy Exhaustion Finding Should Be Vacated
(September 21, 2016, 5:50 PM EDT) -- NEW YORK — A New York federal bankruptcy judge improperly found that Chapter 11 debtor Rapid-American Corp. has not paid a sufficient amount for asbestos claims to reach the level of excess coverage provided under three insurance policies, the company says in a Sept. 9 motion to vacate the judge’s ruling (Rapid-American Corporation, et al. v. Travelers Casualty and Surety Company, et al., No. 15-01095, S.D. N.Y. Bkcy.).
(Memorandum in support of motion to vacate available. Document #48-160923-023B.)
Rapid-American filed a voluntary petition under...