In this task, you will be shown a prompt from a judicial decision and multiple holding statements derived from citations following text in a legal decision.  Holdings represent the governing legal rule when the law is applied to a particular set of facts. There are five answer choices for each citing text. The correct answer is the holding statement that corresponds to the citing text. The four incorrect answers are other holding statements. You should find the correct option. There is a <HOLDING> token in the position of the citing text prompt where the holding statement was extracted.

June 1993 was being denied. Katz asserts that he never received the letter and, therefore, until March 27, 1995, when he received the notice of the denial of coverage, Colonial had led him to believe that his policy covered registered nursing care provided at a general hospital. As the dispute as to whether Katz actually received the letter cannot be resolved at this juncture, I now consider whether, if he did not receive the letter, Colonial should be estopped from denying coverage for the October/November private nursing care. In order to prevail under the doctrine of equitable estoppel, Katz must show (1) a material representation, (2) reasonable reliance upon that representation, and (3) damage resulting from that representation. Lee v. Burkhart, 991 F.2d 1004, 1009 (2d Cir.1993) (<HOLDING>). Katz asserts that Colonial’s failure to 
 Holding statements: (A) recognizing difference between tolling and equitable estoppel (B) recognizing cause of action (C) holding that ejven if there were no express preemption under erisa  514a of the cause of action in that case it would be preempted because it conflicted directly with an erisa cause of action (D) recognizing the cause of action (E) recognizing cause of action for equitable estoppel under erisa
(E)

policy becomes a composite of factors that bear on a better answer to the question, ‘How shall the losses be distributed?’ ”). Slain and Kripke argued that “[t]he situation with which we are concerned involves two risks: (1) the risk of business insolvency from whatever cause; and (2) the risk of illegality in securities issuance.” Slain & Kripke, supra, at 286. Analyzing the first risk — that of business insolvency-Slain and Kripke observed that the absolute priority rule allocates this risk to shareholders. Under the absolute priority rule, “stockholders seeking to recover their investments cannot be paid before provable creditor claims have been satisfied in full.” Id. at 261; see generally Consol. Rock Prods. Co. v. Du Bois, 312 U.S. 510, 520-21, 61 S.Ct. 675, 85 L.Ed. 982 (1941) (<HOLDING>); Case v. Los Angeles Lumber Prods. Co., 308 
 Holding statements: (A) holding that claims raised in later litigation were barred because they could have been fully litigated in chapter 11 reorganization process (B) holding that stockholders cannot participate in a plan of reorganization unless creditors claims have been satisfied in full (C) holding that plan language giving plan administrator power to determine which employees are eligible to participate in the plan and providing all parties dealing with the plan an interpretation of plan provisions on request indicates deferential standard of review of trustee eligibility decisions (D) holding that remedies provided in the bankruptcy code for enforcing a chapter 11 plan of reorganization are not exclusive (E) holding that debtor whose plan of reorganization had been confirmed by bankruptcy court could not later bring lender liability claims against creditors where those claims could have been raised in bankruptcy proceeding
(B)

unfair prejudice. See United States v. Downing, 297 F.3d 52, 59 (2d Cir.2002). b.Heroin Sales Evidence The district court acted within its discretion in concluding that Serrano’s involvement in four heroin sales between December 2012 and January 2013 was not being offered to prove propensity but, rather, as direct evidence of the 2012 to July 2013 conspiracy to distribute and possess with intent to distribute one kilogram or more of heroin. See United States v. Eppolito, 543 F.3d 25, 47 (2d Cir.2008) (“Where, as here, the indictment contains a conspiracy charge, uncharged acts may be admissible as direct evidence of the conspiracy itself.” (internal quotation marks omitted)). As such, this evidence was highly probative, see United States v. Concepcion, 983 F.2d 369, 392 (2d Cir. 1992) (<HOLDING>), and not unfairly prejudicial so as to 
 Holding statements: (A) recognizing high probative value of act done in furtherance of conspiracy because it is part of the very act charged (B) holding criminal conspiracy is sustained where the commonwealth establishes the defendant entered into an agreement to commit or aid in an unlawful act with another person with a shared criminal intent and an overt act was done in furtherance of the conspiracy a coconspirator may commit the overt act and conspirators are liable for acts of the coconspirators committed in furtherance of the conspiracy (C) recognizing requirement that defendant conspired to commit an overt act in state in furtherance of the conspiracy (D) holding that venue is proper in any district where any act in furtherance of the conspiracy took place (E) recognizing high probative value of evidence providing conduct that was part of the very act charged

(A)