Opinion of the Court — Breeden v. Ades Investor Group

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Type: Opinion of the Court
Filed: March 13, 2003
Case: Breeden v. Ades Investor Group
Case status: Decided

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SUMMARY ORDER THIS SUMMARY ORDER WILL NOT BE PUBLISHED IN THE FEDERAL REPORTER AND MAY NOT BE CITED AS PRECEDENTIAL AUTHORITY TO THIS OR ANY OTHER COURT, BUT MAY BE CALLED TO THE ATTENTION OF THIS OR ANY OTHER COURT IN A SUBSEQUENT STAGE OF THIS CASE, IN A RELATED CASE, OR IN ANY CASE FOR PURPOSES OF COLLATERAL ESTOPPEL OR RES JUDICATA. At a stated term of the United States Court of Appeals for the Second Circuit, held at the United States Courthouse, Foley Square, in the City of New York, on the 13th day of March, two thousand and three. UPON DUE CONSIDERATION, IT IS HEREBY ORDERED, ADJUDGED AND DECREED that the judgment of said district court be and it hereby is AFFIRMED. Richard C. Breeden, trustee in bankruptcy (“the trustee”) for the Bennett Funding Group, Inc., and its related companies (collectively “BFG”) brings this action against reinsurer Sphere Drake Insurance, PLC (“Sphere Drake”) and others, including the “Ades defendants.” The Ades defendants are individual investors claiming rights to the proceeds of the Sphere Drake reinsurance policy. The Sphere Drake Policy reinsured Capital Insurance Co. (“Capital”), a captive Bennett company incorporated in Bermuda, for the ins…

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