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    Stirling Cooke loses High Court judgment to Sphere Drake Insurance

    Two UK subsidiaries of the Bermuda-based AlphaStar Insurance Group, formerly Stirling Cooke Brown Holdings, have lost a UK High Court judgment that has implications for many related reinsurance lawsuits and arbitrations around the world.AlphaStar's share price fell from 13 cents to seven cents per share after the judgment was released today and many in the industry expect the decision to render the long-troubled firm insolvent.