(DOWNLOAD) "Community National Bank v. Medical Benefit Administrators" by Supreme Court of Wyoming # Book PDF Kindle ePub Free
eBook details
- Title: Community National Bank v. Medical Benefit Administrators
- Author : Supreme Court of Wyoming
- Release Date : January 01, 2001
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 75 KB
Description
1. Medical Benefit Administrators, LLC (MBA) appeals an order of the circuit court approving the final accounting of its court-appointed receiver. MBA claims that the circuit court erred because the purchaser of MBAs assets awarded the receiver a $400,000 consulting contract as part of MBAs asset sale. We conclude that the receiver had a fiduciary duty to MBA and its creditors not to deal with receivership property to benefit itself at their expense, and that the consulting contract constituted a corporate opportunity belonging to MBA, which the receiver appropriated to itself. As a result, we conclude that the circuit court erroneously exercised its discretion in approving the receivers final accounting, and we reverse that determination. We also remand with directions to determine the appropriate compensation the receiver is to pay to the receivership estate as a result of its breach of fiduciary duty.