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The independent action group for current and ex Equitable Life policyholders, funded by contributions. Equitable Members Action Group Equitable Members Action Group Limited, a company limited by guarantee, number 5471535 registered in the UK |
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The independent action group for current and ex Equitable Life policyholders, funded by contributions. Equitable Members Action Group Equitable Members Action Group Limited, a company limited by guarantee, number 5471535 registered in the UK |
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Correspondence: 25/01/2002 - to Mr. James Crosby, Chief Executive, HBOS - Entitled "The time deadline for the £250m" 38 Swains
Lane
London N6 6QR 25th January, 2002 Mr. James Crosby
Dear Mr. Crosby, The time deadline for the £250m I write on behalf of the Committee of EMAG. We are very concerned to ensure that the members still with the Society get a proper hearing at the Chancery Court, should the votes on the compromise proposal prove positive. In that event it must be acknowledged that the Equitable's board has strained every nerve to accommodate your tight contractual timetable and the policyholders too have their part. A potential impediment that will be in the mind of the judge is the threat of Halifax to enforce this March 1st deadline for the £250 million payment, if the Scheme has not been registered by then. We would regard it as improper for an outside organisation to interfere with the conduct of this important case in such a way. We hope that an organisation with the reputation of HBOS would allow proper time for the court proceedings to be complete before insisting on such a deadline. Thus, we would be grateful if you could confirm that your deadline will not be enforced until the whole sanctions hearing process is completed. Failing your assurance, we propose to ask the court to issue its own injunction to achieve the same effect. I copy this letter to Messrs. Treves and Thomson and the EMAG website. Yours sincerely,
ALEX HENNEY |
