United States v. Eastern Air Lines, Inc., Glens Falls Insurance Company, Byron May, as President of Associated Aviation Underwriters

WATERMAN, Circuit Judge:

The United States commenced suit on May 16, 1962, against appellants Eastern Air Lines, Inc., Glens Falls Insurance Company, and Byron May, as President of Associated Aviation Underwriters, seeking a declaratory judgment that, pursuant to the provisions of an aircraft lease between it and Eastern, it was entitled to substantially all the proceeds of an insurance policy on an aircraft Eastern had leased from the United States, which policy Eastern had purchased from Glens Falls and Aviation Underwriters. On December 29, 1949, over twelve years earlier,…