Corell v. Reliance Corp.

This is an appeal from a decree allowing the accounts of William M. Donnelly as receiver of Reliance Corporation.

The Reliance Corporation is a Michigan corporation with its stock wholly owned by Lloyds Insurance Company of America, a New York corporation. Another affiliate of Lloyds Insurance Company was General Indemnity Corporation of America, an insurance company incorporated under the laws of the State of New York, whose entire stock was owned by Lloyds Insurance Company. The Lloyds Insurance Company and its affiliate, General Indemnity Corporation, failed in the summer of 1933; and under…