Askanase v. LivingWell, Inc.

David Askanase, as trustee for the bankruptcy estate of LivingWell, Inc., seeks to terminate the LivingWell, Inc. Directors and Officers Liability Insurance Trust and to have the funds in the trust turned over to the bankruptcy estate as property of the estate. The district judge interpreted the trust instrument as prohibiting the termination of the trust under the particular circumstances. The trustee appeals this adverse judgment. Because we disagree with the district court’s interpretation of the trust instrument, we reverse the district court’s judgment, direct it to enter partial…