PMI Group Inc. (PMIR)

[TruckingAngler]

Receiver "out of line"-Does NOT have authority to reject or affirm Contracts... :

"As an initial matter, there is no statutory authority for the Receiver’s presumed power
to affirm or reject executory contracts. No such power is granted to the Receiver under any
Arizona statute, including Chapter 3, Article 4, Title 20 of the Arizona Revised Statutes. It
has been held that “[a] creature of statute, such as the Insurance Commissioner acting as
rehabilitator, can only exercise those powers which have been conferred by the Legislature in
clear and unmistakable language.” Koken v. Legion Insurance Co., 831 A.2d 1196, 1227
(Pa. Commw. Ct. 2003), aff’d, 878 A.2d 51 (Pa. 2005). No such power was conferred on the
Receiver by the Arizona State Legislature."

Link posted 12/12 : http://www.pmi-us.com/media/pdf/receivership/Petition_15_PNC_Re_Reply_Brief.pdf

GLTA

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