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Both Courts examined the policy noting that, had Capitol sued its officers for mismanagement, it would be a claim “by” the company (an insured) against its own officers (also insureds) whereby the exclusion would bar the claim. The Appellate Court rejected opposing arguments that “the Company” referred to Capitol in its pre-bankruptcy form, and that Capitol underwent a transformation when it filed for bankruptcy, becoming a debtor in possession and administering the estate for the benefit of its creditors – making the debtor in possession legally distinct from the pre-bankruptcy company and, thereby, making the insured versus insured exclusion inapplicable to Capitol or its assignee.

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