Fremont Indemnity Co. v. Fremont General Corp.

Bad Law

148 Cal. App. 4th 97·2007 Cal. App. LEXIS 279·2007 Daily Journal DAR 2899·55 Cal. Rptr. 3d 621·2007 Cal. Daily Op. Serv. 2253

Court of Appeal of CaliforniaFebruary 28, 2007B183974California13,390 words

Opinion

Croskey, J.

Fremont Indemnity Company (Indemnity) appeals a judgment dismissing its complaint against Fremont General Corporation (Fremont General) and Fremont Compensation Insurance Group, Inc. (Insurance Group), after the court sustained a demurrer without leave to amend. Indemnity, by and through the Insurance Commissioner as its liquidator, sued Fremont General and Insurance Group in two separate actions alleging the misappropriation of funds. In this action, known as the Comstock action, Indemnity alleges that defendants misappropriated net operating losses of its predecessor in interest, Comstock Insurance Company (Comstock), and misappropriated other assets of a former subsidiary of Indemnity, Fremont Reinsurance Company, Ltd. (Bermuda) (Re). In a separate action, known as the NOL (net operating loss) action, Indemnity alleges that the same defendants misappropriated Indemnity’s net operating losses that were not acquired through its merger with Comstock. The NOL action is the subject of a separate appeal (Fremont Indemnity Co. v. Fremont General Corp. (Feb. 28, 2007) B188900 [nonpub. opn.]).

The superior court took judicial notice of a letter agreement dated July 2, 2002,…

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Parties

FREMONT INDEMNITY COMPANY
Plaintiff
FREMONT GENERAL CORPORATION
Defendant

Judges

Croskey

Cites (66)

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