Kurtzman v. Mutual Benefit Life (In re Philips Offset Co.)

DECISION ON MOTION FOR ORDER DISMISSING OR STAYING ADVERSARY PROCEEDING

HOWARD SCHWARTZBERG, Bankruptcy Judge.

This adversary proceeding was brought by the Chapter 7 trustee on behalf of the debtor, Philips Offset Co., Inc. (“Philips”), against Mutual Benefit Life Insurance Company (“Mutual”). The trustee seeks an order directing Mutual to turnover to the estate the cash surrender value of two life insurance policies, alleged to have values of $2,637.45 and $1,812.38 respectively. Mutual is currently in rehabilitation and is being operated under the auspices of the State of New Jersey pursuant…