In Matter of Liquidation of Union Indemnity Insurance Co., 89 N.Y.2d 94 (1996), the Court of Appeals found that plaintiff made informal judicial admissions in its response to pretrial motions. The case involved the liquidation of Union Insurance Company, a subsidiary of Hall & Co.. When the Liquidator brought an action against Hall for fraud, it submitted affidavits of counsel. Those affidavits asserted that Hall failed to disclose Union's insolvency and planned to use Union for Hall's purposes. After that suit was settled, the respondent reinsurers sought rescission of their agreements with Union. The Liquidator opposed their claim, contending that Union was operated as an independent insurance company and that Union's transactions with Hall met acceptable industry standards. The Court of Appeals agreed with the Appellate Division and trial court that the facts alleged in the Liquidator's written submissions for the first case were admissible as informal judicial admissions. The Court observed: It would be unseemly, to say the least, to permit the Liquidator to renege on its court-submitted evidence and, in effect, to use quasi-official assertions as both a sword and a shield by simultaneously documenting Union's fraud and failure to disclose its insolvency and yet later trying to deny the relevance and applicability of the same admissions and data in an action involving the reinsurers. (89 N.Y.2d at 103-104.)