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Case L20-bk-12043 Doc 453 Filed 10/06/20 Entered 10/06/20 15-26,47 Desc Main <br />Document Page 5 of 9 <br />335 B.R. 666, 672 (Bankr. N.D. Ohio 2005). <br />13. The Arter & Hadden court outlined four possible situations regarding various types <br />of D&O coverages and how the structure of the policies impacts whether the proceeds would be <br />property of the estate, including: (1) a policy that only provides direct coverage to the debtor, <br />where all proceeds are property of the estate; (2) a policy that only provides direct coverage to the <br />officers and directors, where none of the proceeds are property of the estate; (3) a policy which <br />covers both the directors and officers and the debtors, where the proceeds would be property of <br />the estate if their depletion would harm the estate; and (4) where there is indemnification coverage <br />for the debtor, but the indemnification has not occurred, is hypothetical, or speculative, in which <br />case, the proceeds are not property of the bankruptcy estate. Id. at 672 (quoting In re Allied Digital, <br />Technologies Corp., 306 B.R. 505, 512 (Bankr. D. Del. 2004)). <br />14. In the Motion, Mr. Hughs apparently believes that the Policy is one that provides <br />benefits directly to both directors and officers, and that he has a claim against the proceeds of the <br />Policy that is at least competitive with that of the Debtors. See, e.g., Doc. 429 at ¶ 37. This is not <br />the case. The Court must examine the particular claim at issue (and review the policy language as <br />a whole) to make this determination. <br />15. Here, the Policy provides benefits directly to directors and officers — but only for <br />certain claims where indemnity is neither permitted nor required. See, e.g. Policy § (I)(A). As set <br />forth above, Mr. Hughs cannot make a claim under this coverage part, because he claims he is <br />entitled to indemnity. <br />16. The coverage parts dealing with indemnity are designed to benefit the Debtors. See, <br />e.g., Policy § (I)(B) ("The Insurer shall pay on behalf of the Company ... to the extent the Company <br />is required or permitted to pay on behalf of the Insured Persons as indemnification (emphasis <br />61 <br />