Shepherd v. Bering Sea Originals

OPINION

Before BOOCHEVER, C. J., and RABI-NOWITZ, CONNOR, BURKE and MATTHEWS, JJ. BOOCHEVER, Chief Justice.

This appeal involves the following questions: (1) whether a dismissal of Chapter XI bankruptcy proceedings by a bankruptcy court bars a secured creditor from litigating an issue that was resolved, as far as unsecured creditors are concerned, by the action of the bankruptcy court; and (2) whether the proceeds of an insurance policy on the life of the president of a closely-held corporation should be regarded as belonging to the corporation, which paid a substantial portion of the premiums.…