Stay of confirmation of arbitration award due to insolvency denied
In Century Indemnity Company v. Paladin Reinsurance Corp., Civil Action No. 05-3755, in the United States District Court for the Eastern District of Pennsylvania, the Court denied a motion to stay the confirmation of an arbitration award on equitable or prudential grounds, due to the insolvency of the party against which the award had been entered. The Court rejected the arguments that confirmation would provide the holder of the award an unfair advantage over other creditors, or that confirmation would interfere with ongoing regulatory proceedings before the New York Insurance Department.
