Professional Investors Insurance Group, Inc. v. United Overseas Bank (Luxembourg), S.A. (In Re Professional Investors Insurance Group, Inc.)

MEMORANDUM OPINION AND ORDER

STEVEN A. FELSENTHAL, Bankruptcy Judge.

United European Bank, formerly United Overseas Bank-Luxembourg S.A., filed a proof of claim in the bankruptcy case of Professional Investors Insurance Group, Inc., (PIIGI), for $1,807,211.56, secured by a security interest in 1,100,000 shares of common stock of United Republic Life Insurance Company (URLIC) owned by PII-GI. The URLIC stock is property of the bankruptcy estate. PIIGI objected to the claim and filed this adversary proceeding to avoid the lien on the stock. On October 21, 1998, the parties jointly tried in this…