Stephens v. National Distillers & Chemical Corp.

Defendant National Distillers & Chemical Corporation, now known as Quantum Chemical Corporation (“Quantum”), appeals from a final judgment entered in the United States District Court for the Southern District of New York pursuant to Fed.R.Civ.P. 54(b), John S. Martin, Jr., Judge, ordering Quantum to pay plaintiff Don W. Stephens, as Liquidator of Quantum’s wholly-owned subsidiary Delta America Re Insurance Company (“Delta”), $12,293,161, plus interest, as reimbursement for dividends paid to Quantum by Delta during a period in which Delta was in fact insolvent. At the time the dividends were…