In summary Admiral agrees to treat the SEC investigation as a Claim first made during the Admiral 2005-06 Policy in so far as it involves Related Wrongful Acts asserted in the Class Action. Meanwhile, Carolina denies coverage for the SEC investigation since it is not a Claim first made during the 2006-07 Policy.
Don't let your prejudices, assumptions and ego cause you to come to conclusions which on the surface seem sound and correct but in reality are flawed