DELTA HOLDINGS INC V NATIONAL DISTILLERS AND CHEMICAL CORPORATION

(1991) 1 Re LR 196

United States Court of Appeals (Second Circuit)

Before Circuit Judge Kaufman, Circuit Judge Newman and Circuit Judge Winter

Acquisition - Reinsurance company - Loss reserves - IBNR - Methods of calculation - Preparation of loss triangles - Adequacy of reserves - Reinsurance company allegedly insolvent at time of acquisition Alleged misrepresentation and breach of warranty - Whether seller violated US federal securities laws, committed common-law fraud and breached stock purchase agreement.