BF&M chief executive officer Glenn Titterton admitted yesterday that his company accepted financial forecasts from Cooper and Lines without question on the eve of its ill-fated 1991 reorganisation.

Mr. Titterton was speaking at the Bermuda Fire civil suit in the Supreme Court where he was being cross examined by Ian Croxford, QC, for Cooper & Lines.

It was his sixth day in the witness box since the case resumed last week.

Mr. Croxford began the afternoon sessions by questioning Mr. Titterton on various proforma documents presented by Cooper & Lines to the Bermuda Fire finance committee and board of directors at a July 9 board meeting. He asked if Conyers Dill & Pearman lawyer John Collis had "suggested in any way that the information Cooper and Lines had produced was inadequate''.

Mr. Titterton said that Mr. Collis had not. "And he is not shy in making sure that his views and opinions are heard and understood?'' Mr. Croxford asked, which Mr. Titterton also agreed was correct.

Board chairman Charles Collis also "offered his support for the financial information as it had been presented.'' Mr. Croxford then asked: "Didn't you do likewise?'' to which Mr. Titterton replied: "Had I been invited to, I probably would have.'' To his recollection, the figures produced by Coopers & Lines' financial statements had been neither audited nor reviewed.

Mr. Titterton confirmed that the board then resolved to go ahead with reorganisation, and delegated the matter to its financial committee, at which point he, along with chairman of directors Charles Collis, assumed a lead role in announcing the split to the public and to shareholders.

Referring to an August 8 press release, Mr. Croxford said: "You are seeking to explain to the public, and hoping to influence if not control, the reporting on the reorganisation.'' Mr. Titterton said: "As I remember, I used the same words, or extracted the same words from a draft of what the chairman was saying.'' He admitted to having "hedged around'' on the issue of international business, and that there "may have been adverse publicity arising out of the London end, with Weavers and so on, with which the local media would have associated the company.'' Mr. Croxford's examination is expected to reach the September 6 board meeting this morning.

BUSINESS BUC