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Trenwick America Litigation Trust v. Ernst & Young, L.L.P.

906 A.2d 168 (2006)

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Trenwick America Litigation Trust v. Ernst & Young, L.L.P.

Delaware Chancery Court

906 A.2d 168 (2006)

Facts

Trenwick Group Inc. was an insurance holding company whose top United States subsidiary was Trenwick America Corporation. Trenwick Group pursued an acquisition strategy that proved financially unsuccessful. Trenwick America became a guarantor of Trenwick Group’s overall debt. Eventually, both Trenwick Group and Trenwick America went into bankruptcy. The resulting reorganization led to the creation of Trenwick America Litigation Trust (the trust) (plaintiff), which was assigned all causes of action that Trenwick America had owned. The trust brought suit against various directors of Trenwick Group in Delaware Chancery Court, alleging deepening insolvency as a cause of action.

Rule of Law

Issue

Holding and Reasoning (Strine, J.)

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