is heating up, with a new writ issued against the company.

Smith Barnard & Diel, lawyers for former Belvedere vice president and treasurer Vanessa Ellen (Johnson) Thomas, have filed a writ against Caliban Holdings Ltd., the parent to general insurer Belvedere Insurance Company Ltd., now in run-off.

The writ was filed under section 111 of the 1981 Companies Act and it is understood that Mrs. Thomas is seeking to have the company wound up or force the company's purchase of the shares at her desired price.

For years a legal battle has ensued between Mrs. Thomas and Caliban's Belvedere. And a year ago, Mrs. Thomas filed a writ against Belvedere chairman Mr. Colin O'Connor.

Belvedere has argued that once she left the company in November 1992, under acrimonious circumstances, Mrs. Thomas was bound by an agreement to sell shares back to Caliban that she obtained in a Belvedere management buy-out.

Also at issue is the value of those shares.

In June 1993 the Supreme Court struck out her petition to wind Caliban up, calling the petition "an abuse of process''.

Mrs. Thomas has argued that while she is willing to sell the stock, company officials have refused to give her market price and are only offering a fraction of the value of the shares.

Section 111 of the Companies Act deals with an alternative remedy to winding up in cases of oppressive or prejudicial conduct.

It allows any shareholder who has such a complaint the right to petition the court to make an order it sees as appropriate that could resolve the impasse.

In effect, the court could order the shares to be disposed of at a specific price.

Mr. O'Connor was not available for comment.

COURTS CTS