Legal analysis from Dean's Law Dictionary will be displayed here.

This section contains the nature of the case and procedural background.

Bankers Life (D) agreed to sell all of Manhattan's (P) stock to Begole for $5,000,000. Manhattan was now represented by the New York Superintendent of Insurance (P1). It was alleged that Begole with a party named Bourne conspired to pay for this stock out of P's assets. They arranged to get a $5,000,000 check from Irving Trust even though they had no funds on deposit therein. On the same day, they purchased the stock from D, they installed Sweeny as president of P and then sold a treasury bond for $4,854,552.67. That plus cash on hand in P covered the bad check. The trial court dismissed the complaint, and the Court of Appeals affirmed by a divided bench.

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