Court of Appeals for the Seventh Circuit February 9, 1998, 96-2036, 96-2854 (In the Matter of New Era, Inc., Appeals of New Era, Inc. And Phoenix Insurance Company)

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POSNER, Chief Judge.

These bankruptcy appeals have a tangled history, an unbelievable present, and no future. The tale begins in 1987, when three buildings owned by the Hamiltons and rented by New Era, a company that recaps tires, burned down. New Era’s insurer, Phoenix Insurance Company, had issued it a liability policy that had a limit of $1 million.