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BERMUDA | RSS PODCAST

Titterton denies playing an active role in reorganisation

BF&M Ltd. chief executive officer Glenn Titterton yesterday in Supreme Court denied that as the top executive at Bermuda Fire & Marine Insurance Co. Ltd.

it was his duty to understand the advice given by the professional advisors in the 1991 reorganisation.

Mr. Titterton was disputing suggestions made by Geoffrey Vos, lawyer for Conyers Dill & Pearman, that he played an active role in the reorganisation.

Instead he said he acted as a conduit between the advisors and the company chairman.

Mr. Titterton said the reorganisation process had already started when he took over the helm of Bermuda Fire in 1991 and he only acted on the orders of Chairman Charles Collis.

Testimony got increasingly contentious as Mr. Titterton disagreed with Mr.

Vos' interpretation of his role. Mr. Titterton was also the senior manager on a working committee made up of Conyers Dill & Pearman and auditor Cooper & Lines representatives to look into the reorganisation. "Why are you so defensive about this matter?'' Mr. Vos said at one point.

Mr. Titterton said he wasn't being defensive -- he was just being truthful about the events in 1990 and 1991 and the role he played. He disagreed that he had given instructions to lawyer John Collis or to Cooper & Lines representatives regarding the reorganisation. He said the instructions came from the finance committee. "The two professional firms had a good and sufficient knowledge of what they wanted to achieve,'' he said. "They were not looking to me to suggest anything. They were not looking to me or Cyril Rance for leadership.'' Mr. Rance was chief executive until Mr. Titterton took over. Conyers Dill & Pearman is a defendant in the case brought by Bermuda Fire's liquidators, who allege the 1991 reorganisation was a fraud.

Mr. Titterton contended that the two firms knew what was required of them by the time of the first working committee meeting in 1990.

"They had clearly given thought to this matter and accepted what was wanted,'' Mr. Titterton said. "I acted as the catalyst to get things going.'' Mr. Vos said Mr. Collis' notes of the meeting showed that he had been instructed by Mr. Titterton. "I suggest that your perception is wrong,'' Mr.

Vos said. "It is not correct John Collis had prior knowledge.'' Mr. Titterton agreed that he couldn't remember enough to rebut what was in Mr.

Collis' notes. Mr. Titterton became chief executive officer of Bermuda Fire in January, 1991 and is currently president and chief executive of BF&M. Bermuda Fire went into liquidation in 1993 owing $450 million to international policyholders. Mr. Titterton, who is appearing as a witness for defendant BF&M Ltd., will continue giving testimony on September 27 after the court takes a two week break.

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